[ 2015-05-09 ]

Kotoko to recover various monies from former CEO
The Kumasi Asante Kotoko Sporting Club Limited
said it was entitled to recover at least 143,581
Ghana cedis, 114,521 dollars and 100,000 Euros
from its former Chief Executive Officer (CEO), Dr
K.K. Sarpong.

The recovery of claims were made in
a statement of defence filed by the Porcupine
Warriors who have been dragged to the Kumasi High
Court, Commercial Division, by the former CEO.

The astute Chartered Accountant and Businessman,
Dr Sarpong, in a suit dated March 31, is claiming
an amount of GH¢536,247, being outstanding loan
he gave to the club as at July 31, 2013 and
interest thereon at the agreed rate of 15 per cent
from January 1, 2011 to date.

An amount of 20,000 Ghana cedis he loaned to the
club for the purchase of the Brazilian player, Da
Silver Lima Hermes, and interest thereon from
August 1, 2013 until date of final payment and a
cost, including his legal fees, is among claims
being demanded by Dr Sarpong.
He was appointed Executive Chairman of Asante
Kotoko in May 2010 until his resignation on July
22, 2013.

The club is a limited liability company registered
and existing under the laws of the Republic of
Ghana with the objective of managing its football
club known as Asante Kotoko Sporting Club.

In its statement of defence, the Kotoko Sporting
Club is seeking a declaration from the court that
the plaintiff breached variously, his fiduciary
duties, responsibilities and obligations of due
care, reasonable diligence, good faith, good
conscience, trust and candour towards affairs of
the defendant during his term as Executive
Chairman, leading to huge financial losses to the
defendant.

A declaration that the purported board meetings
and resolutions granting leave to the plaintiff
and others to “lend” and “receive” their
personal monies to the defendant as loans at
interest rates fixed by they themselves without
recourse to the shareholder(s) and a lawfully
constituted board of the defendant, are illegal,
and void ab initio.

A declaration that the resulting and/or purported
loans premised on the said resolutions if at all,
were equally made in breach of law and fundamental
principles of cooperate governance and some are
void ab initio, and thus unenforceable against the
defendant.

An order directing the plaintiff to account
financially to the defendant for the period of his
stewardship, and recovery of the various sums of
money lost to the defendant by reason of the
plaintiff’s said breaches and/or defaults.

General and/or special damages for breaches of
fiduciary duty, cost, including defendant’s
legal fees expended on this suit and any other
relief(s) deemed appropriate by the court in
favour of the defendant against the plaintiff.

Source - GNA

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