The charges emanate from a 2013 loan facility the ECOWAS Bank for Investment and Development (EBID) granted Dr. Adu-Gyamfi and his company.

While Dr. Adu-Gyamfi has admitted to defaulting in his obligations to the terms of the loan, he has denied the criminal charges and described his prosecution as calculated attempts to frustrate and tarnish his reputation.

The bank in a related civil case, appear set to execute a Fi Fa order granted it by the High Court, Commercial Division against Danadams and its CEO, which action may see the former President of the Association of Ghana Industries lose properties including the Danpong Medical Centre and Head Office of Danpong Health Group located at the Spintex Road and at Baatsona near Tema, which were allegedly used as mortgages to partly secure the said loan.

Court documents on the matter indicate that EBID approved a loan facility of US$9,417,600.00, to Danadams in May 2013, to enable the company produce anti-retrovirus drugs for HIV/AIDS patients in the ECOWAS region.

Under the terms of the facility, Danadams was required to open an escrow account with a reputable bank in Ghana to be funded with an agreed amount as a condition precedent for EBID’s disbursement of the facility.

Dr. Adu Gyamfi allegedly subsequently submitted a letter purported to have been issued by the Royal Bank of Ghana, advising EBID of the opening of the escrow account and the funding of same with an amount of US$340,000.00.

EBID, based on the claims and other alleged representations by Danadams and its CEO, consequently disbursed part of the loan facility to Danadams amounting to the sum of $6,020,840.00.

However, a further probe by EBID of the letter allegedly submitted by Dr. Adu Gyamfi found it was forged, as The Royal Bank only acknowledged opening the escrow account upon Dr. Adu-Gyamfi’s request, but denied any knowledge of the account being funded or the letter allegedly making that claim.

EBID also claims that its further probe showed that the disbursed loan was misapplied, allegedly, contrary to the terms of the facility.

Meanwhile, EBID said its persistent calls on Dr. Adu-Gyamfi and Danadams to repay the loan fell on deaf ears, leading later to a total judgment debt of US$8,546,692.00. in 2020, and the subsequent Fi Fa order.