The valuation was arrived at in a unanimous decision by the Supreme Court.

It will be recalled that the Supreme Court in June ordered the sale of the assets to defray the GH¢47.2 million debt Mr Woyome owes the state.

Assets the court ordered to be sold include two mansions at Trassaco Estate, a house at Kpehe where he resides, an office complex of Anator Holdings, a residential building at Abelemkpe and a stone quarry in the Eastern Region including its plants and equipment.

The court, with Mr Justice A. A. Bennin as the sole judge held that the properties belonged to Woyome and that the claim by UT Bank that the businessman sold two houses at Trassaco Estate to the bank to defray his debt was a sham.

Again, the apex court held that Woyome’s quarry was not used as collateral, as he and the bank claimed.

Costs of GH¢60,000 was awarded against UT Bank and Woyome.

Mr Woyome refunded GH¢4 million in November 2016 and promised to pay the outstanding balance by quarterly instalments of GH¢5 million, commencing April 1, 2017, but he failed to fulfil the pledge.

Background

The Supreme Court, on July 29, 2014, ordered Mr Woyome to refund GH¢51.2 million to the State on the grounds that he had got the money out of unconstitutional and invalid contracts between the State and Waterville Holdings Limited in 2006 for the construction of stadia for the 2008 Africa Cup of Nations, which Ghana hosted.

The court held that the contracts upon which Mr Woyome made and received the claim were in contravention of Article 181 (5) of the 1992 Constitution of Ghana, which required such contracts to be laid before and approved by Parliament.

On March 1, 2016, Mr Woyome prayed the court to give him three years to pay back the money but the court declined to grant his wish.

Refund

He, however, refunded GH¢4 million in November 2016 and promised to pay the outstanding balance in quarterly instalments of GH¢5 million, commencing April 1, 2017.

That did not materialise after the businessman had initiated a litany of legal cases at the Supreme Court to support his case, which were all dismissed.

In addition to fighting his cases in the country, Mr Woyome sought relief from the International Court of Arbitration of the International Chamber of Commerce (ICC), based in Paris, France, and the African Court of Justice, based in Arusha, Tanzania.