Nana Kwame Bediako challenges $14.9m London judgment, disputes signature on loan guarantee

Businessman Nana Kwame Bediako is challenging a $14.9 million High Court judgment secured against him by Cola Holdings Limited, alleging that a signature used to establish his liability on a loan indemnity document was not his.

In a fresh claim filed at the High Court in London, Mr Bediako disputes the authenticity of a deed of indemnity presented by Cola Holdings in its original case.

The document was used as evidence that he had agreed to guarantee half of an $18 million loan secured to finance the construction of No. 1 Oxford Street, a serviced apartment development in Accra.

According to his legal filing, the signature on the deed, dated January 18, 2018, “was not made by him”. He also says he does not know how a signature bearing his name came to appear on the document.

The deed was reportedly signed at his office in Accra and witnessed by his then executive assistant, Reginald Sittie. However, Mr Bediako maintains that he was in Nigeria on the date the document was purportedly executed.

His lawyers argue that “the most likely explanation” is that an electronic copy of his signature was inserted into the deed without his knowledge or consent.

The filing also raises questions about Mr Sittie's relationship with Azad Cola, the head of Cola Holdings.

It alleges that the former executive assistant worked directly for Mr Cola, making arrangements for his visas and accommodation. The Times reported that it was unable to reach Mr Sittie for comment.

Mr Bediako further points to a Rolex watch allegedly given to Mr Sittie by Mr Cola in the spring of 2018. While he does not allege that the gift was a bribe, he describes it as evidence of a relationship that, in his view, may have compromised the assistant's independence.

The businessman is asking the London court to set aside the January 2025 judgment and award him compensation for the losses he says he has suffered.

Cola Holdings, through its representative Lawrence Cartier, has rejected the allegations, saying it “categorically denies the claims made” and will submit “a comprehensive defence”.