Businessman Kevin Okyere confirmed during High Court proceedings in Accra on Wednesday, June 3, 2026, that a company in which he is a director and shareholder drew down $50 million from a $100 million loan facility with Petraco Oil Company SA and is currently in default.
Mr. Okyere, founder of Springfield Group, made the disclosure during cross-examination in a defamation and contempt-related application arising from disputed media publications.
He told the court that although the facility agreement was valued at $100 million, only $50 million had been utilised.
He confirmed that the second plaintiff in the case, a company linked to him, is in default on the facility, but maintained that the arrangement was a commercial transaction and not fraudulent.
“It is a commercial transaction, and no fraud has been committed,” he said in court.
The proceedings also examined newspaper publications at the centre of the dispute, including reports published by the Herald newspaper.
Counsel questioned whether the reports were supported by documentary evidence filed before the court, including claims relating to alleged detention in Dubai and alleged third-party interventions.
The respondent, associated with the Herald, said the publications were based on sources and materials used in reporting, although he acknowledged that some claims referenced in court filings were not supported by documentary exhibits.
The court also reviewed contested documentary exhibits submitted by both parties, with lawyers disputing the completeness and accuracy of attachments relied upon in the application.
Allegations of detention in Dubai, featured in the disputed publications, were also examined during cross-examination, with questions raised over the documentary basis for the claims. However, Mr. Okyere disputed the accuracy of the media reports, insisting that the publications were false and not supported by evidence.
The case has been adjourned, with the court directing both parties to file written submissions ahead of judgment scheduled for June 25, 2026.
