Renaizance Oil MD guilty of defrauding Misyl Energy of GH₵‎27.9m


David Aseye Tay, Renaizance Oil MD, an unlicensed Oil Marketing Company  has been found guilty and convicted for defrauding Nick Danso Adjei, Chairman of Misyl Energy Company Limited of GH₵‎27.9 million.

Tay was convicted by the Criminal Division of the High Court in Accra presided over by Justice Lydia Osei Marfo on all 23 counts in respect of three charges despite earlier pleading not guilty.

The counts include one count of defrauding by false pretense, nine counts of issuance of false cheques and 13 counts of money laundering.

The full trial lasted for two years.

When he appeared in court on Monday, May 15, Tay’s request for sections of the plea bargaining act, 1079 to be referred to the Supreme Court was refused after the prosecution had indicated that it was not interested in negotiating with him under the plea bargaining law.

However, his sentencing has been deferred to May 29 as the court orders for restitution with the complainant as part of his mitigation plea before his sentencing.

He made false representation to a licensed Bulk Distribution Company, importers of finished petrol and diesel products in 2018 and defrauded it by over GH₵‎27.9 million.

The amount of GH₵‎27.9 million in 2018 was equivalent to $6 million since $1 was exchanged at GH₵‎4.67 at the time.

Tay made false representation to Misyl Energy, a bulk oil distribution company, importers of finished petroleum products.

The prosecution told the court that Tay owns Renaizance Oil, an unlicensed Oil Marketing Company (OMC).

In January 2018, he used the company to enter into an agreement to lift finished petroleum products belonging to Misyl Energy and sell to three OMCs, namely Goodness Energy Limited, Compass Oleum Limited and G&G Oil Company Limited.

After lifting the petroleum products valued at GH₵‎27.9 million, he failed to pay for it as agreed.

When all efforts to retrieve the money proved futile, Misyl Energy Chairman Nick Danso Adjei, reported the matter to the police for redress.

Following investigations, the Prosecution noted that at the time Tay entered into agreement with Misyl Energy, he knew that two of the OMCs, Goodness Energy and Compass Oleum did not belong to him.

According to the prosecution, the convict misrepresented to the OMCs that he had imported finished petroleum products and could supply them from oil tank farms belonging to certain BDCs.

The court was told that the Renaizance Oil MD also defrauded two OMCs that made full payments to him but he did not supply the products to them.

The court heard that the convict used proceeds from the sale of Misyl Energy’s petroleum products to purchase another OMC called G&G Oil and acquired various properties.

During the course of the investigation, it was revealed that Tay had issued a post-dated cheque worth GH₵250,000 which was later dishonored by the bank.

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