The Member of Parliament (MP) for Tema Central, Yves Hanson-Nortey, who is affiliated with the New Patriotic Party (NPP), is facing criticism due to the non-payment of a GH₵10.5 million insurance debt to Star Assurance Company Limited.
The debt arose from the actions and omissions of Mr. Hanson-Nortey and his company, APEX Petroleum ABD, which obtained an insurance bond from Star Assurance Company Limited in 2018.
Despite assurances and an out-of-court settlement that required payment of a negotiated sum of GH₵10.5 million out of the total GHC22.5 million, the NPP MP and his company have failed to fulfill their part of the agreement.
According to the Statement of Case filed by Star Assurance Company Limited at the Commercial Division of the High Court in Accra, the insurance company issued a customs bond in October 2018 to APEX Petroleum ABD, covering costs incurred on imported petroleum products for distribution and sale, totaling GH₵10,000,000.00.
However, false representations from the defendants (APEX Petroleum ABD and the MP) led to a debt owed to the Ghana Revenue Authority.
The plaintiff further stated that the defendants failed to rectify the default of the 1st Defendant (APEX Petroleum ABD) concerning the conditions precedent to the bond issuance.
As of June 2, 2021, the 1st Defendant was reportedly indebted to the Plaintiff in the sum of GHC22,500,000.00.
“Plaintiff says that as at the 2nd day of June, 2021 1st Defendant was indebted to the Plaintiff in the sum of Twenty – Two Million Five Hundred Thousand Ghana Cedis (GHc22,500,000.00). Recovery of the sum of Twenty-Two Million Five Hundred Thousand Ghana Cedis.
“Interest on the said amount at the prevailing Commercial bank rate payable monthly in arrears from the 21st day of February, 2021 to date of final payment,” the Plaintiff stated.
Despite the initiation of legal proceedings, the 2nd Defendants (MP and his company) approached the Plaintiff for an out-of-court settlement.
“Recovery of the sum of Twenty-Two Million Five Hundred Thousand Ghana Cedis (GH&22,500,000.00) being money to be paid by Plaintiff to Ghana Revenue Authority as a result of Ist Defendant’s failure to pay its taxes and levies owed to Ghana Revenue Authority and which amount the Defendants have failed and/or refused to pay in spite of several and repeated demands made therefore.
“Interest on the said amount at the prevailing Commercial bank rate payable monthly in arrears from the 21st day of February, 2021 to date of final payment,” the Plaintiff stated.
In response to failed attempts to recover the money, the Plaintiff initiated legal action against both defendants, seeking the recovery of the full amount, interest, damages, and costs, including legal fees.
Assurances and commitments were made, and an agreed settlement of GH₵10.5 million was adopted by the Court as a consent judgment on June 22, with Justice Akua Sarpomaa Amoah confirming the terms of settlement as the Consent Judgment of the Court.
However, the MP and his company have failed to honor their part of the agreement, leading to ongoing efforts by the insurance company to pursue the outstanding payment.
“The following Terms of Settlement filed on 3rd June, 2022 and duly executed by the Parties and their respective Counsel are hereby adopted as Consent Judgement of this