The Head of Exchange Money Unit of the Financial Division of the Bank of Ghana, Edward Markwei Jr, has told a Monetary and Financial Court in Accra, that Previous Representative Priest of Money, Dr. Cassiel Ato Forson, followed up on the power of the money serve when he marked a letter mentioning his outfit to lay out Letters of Credit for Large Ocean General Exchanging Ltd of Dubai to cover the importation of fifty ambulances.
Responding to inquiries under interrogation by Advice for Dr. Forson, Dr. Abdul Aziz Basit Baamba, after his proof in-boss was conceded, Mr. Markwei conceded that while handling the letters of credit, he and his partners at the Bank of Ghana accepted they were following up on a letter endorsed for the benefit of the money serve in light of the fact that the said letter had "FOR Clergyman" obviously composed under the mark of Dr Forson.
The arraignment had affirmed in its specifics of offense going with the charge sheet, that Dr. Forson, determinedly caused monetary misfortune by "approving unavoidable Letters of Credit esteemed at EUR 3,950,000 to be laid out of which installments adding up to EUR 2,370,000 were made to Huge Ocean General Exchanging Ltd of Dubai for the stock of vehicles implying to be ambulances without due cause and approval".
Asked by Dr Baamba to reveal further insight into the clarification he had given for what comprised letters of credit in his proof in-boss under the steady gaze of the court, Mr. Markwei expressed that letters of credit were not in themselves installment, yet rather gave an assurance to installment to a recipient gave specific circumstances spelt out in it were met.
When asked by Dr. Baamba to explain assuming installment would be made under Letters of Credit provided that the expressed circumstances were met, Mr. Markwei said that would be the situation.
Asked again to make sense of in the event that installment wouldn't be made in the event that the circumstances were not met, Mr. Markwei answerd in the agreed.
Mr. Markwei prior created a ruckus when in reply to an inquiry by Dr Baamba with respect to whether he knew that there was a "enormous contrast" between the implications of "demand" and "educate", he said they had a similar importance after he had been approached to peruse the second passage of the letter where the words 'earnestly mentioning' were found.
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