Tema Central MP refutes eviction and fraud allegations, labels reports as misleading

The Member of Parliament (MP) for Tema Central Yves Niinoi Hanson-Nortey has refuted recent publications suggesting that he has been evicted from his home.

According to the lawmaker, the reports are not only false, but they are also part of a deliberate attempt to tarnish his reputation and create a misleading narrative about him.

In a press statement issued on Monday, November 25, he stated that he views these "unfounded" publications as a part of a broader scheme to damage his image.

Hanson-Nortey outlined the context of the situation, tracing it back to his time as the Managing Director of Apex Petroleum in December 2018, before his parliamentary career.

Apex Petroleum, an oil marketing company, was engaged in a business partnership with Boison Sapenu and D-Vet Ltd, as part of an expansion strategy.

This arrangement involved securing an insurance bond policy from Star Assurance, backed by a property that Apex Petroleum made clear did not belong to them, but rather to a third party.

According to the MP, Star Assurance failed in their due diligence responsibilities by accepting the collateral without proper verification.

The MP explained that Star Assurance's oversight had severe consequences for Apex Petroleum, leading to the loss of the company's operating license and permits.

He added that in April 2022, unaware of Star Assurance's prior knowledge regarding the legitimacy of the collateral, Apex Petroleum, on legal advice, agreed to a settlement of ten million, five hundred thousand Ghana Cedis (GH¢ 10,500,000) with Star Assurance, which was formalised in a consent judgement.

However, subsequent investigations by the National Investigations Bureau uncovered new evidence about fraudulent practices involving non-existent collaterals in the industry.

Armed with this new information, Hanson-Nortey said he has instructed his legal team to challenge the 2022 consent judgement, claiming that Star Assurance is attempting to enforce a decision tainted by fraud.

He alleges that the company is resorting to media campaigns to apply pressure, hoping that he will yield under scrutiny.

"It is in the light of this that I, Hon Yves Hanson and Apex Petroleum, have gone back to the courts to set aside the consent judgment on the grounds of new information and fraud."

"Star Assurance is simply trying to use all means at their disposal to enforce the consent judgement of 2022 and to use their media outlets to tarnish my reputation in the hope that I would buckle."

"Star Assurance is trying to enforce that same judgement, which is tainted with fraud, and which I am currently challenging in court. I wish to state that it is never true that I have been evicted from my house," an excerpt of his press statement said.

The MP added that he is determined to see the matter resolved in court, ensuring that the truth prevails amidst the controversy.

Read the full contents of his statement below:

RE: TEMA CENTRAL MP EJECTED FROM RESIDENCE OVER INSURANCE FRAUD.

My attention has been drawn to publications, purporting that I, Hon. Yves Niinoi Hanson-Nortey, have been evicted from my home. That is factually incorrect and seems to be an attempt to bring my name into disrepute and create erroneous impressions about me to the public.

This publication is one of several intricate plans being executed to tarnish my image.

The Facts of the Matter

In or around December 2018, prior to becoming a member of Parliament for Tema Central, and in my capacity then as a private citizen and a businessman, I was the managing director of a duly registered oil marketing company called Apex Petroleum. Apex Petroleum was doing very well in the Oil Marketing space and had employed several Ghanaian youth.

As part of our expansion programme, my company entered into a strategic partnership with another individual and another company called Boison Sapenu and D-Vet Ltd, respectively.

As part of this business arrangement, Apex Petroleum took an insurance bond policy from Star Assurance Company.

Aside paying the required bond premium, Apex Petroleum was asked to guarantee the bond with an asset and it is at this point that Apex petroleum limited also sought a bond collateral from the said Boison Sapenu, who brought documents of a landed property to be used as bond collateral.

It is imperative to note that right from the get go Apex Petroleum brought it to the notice of Star Assurance that the property did not belong to Apex Petroleum but belonged to a third party and per industry practice and policy Star assurance Limited at the least, owed it to itself and it’s client Apex Petroleum a fiduciary duty to perform the necessary due diligence to ensure that the collateral was clean.

However Star Assurance failed in its fiduciary duty towards Apex Petroleum, and accepted the non existent collateral. The breach of fiduciary duty by Star Assurance did not only leave Apex Petroleum in a precarious situation but also led to the company losing its operating licence and permit.

INVESTIGATIONS, NEW EVIDENCE, AND LEGAL ISSUES.

In April of 2022 and prior to knowing that Star Assurance had fore knowledge of the non existent collateral, Apex Petroleum on the advice of it’s lawyer at the time agreed to pay Star Assurance an amount of Ten Million Five Hundred Thousand Ghana Cedis (GHC10,500,000) with the said agreement reduced into writing and entered as a consent judgement of the court.

However, when the matter was investigated by National Investigations Bureau, new information was discovered about how the acceptance of non existed collaterals are used to defraud OMCs.

I, therefore, tasked my new lawyers to take steps to set aside the consent judgement of 2022.

It is in the light of this that I, Hon Yves Hanson and Apex Petroleum, have gone back to the courts to set aside the consent judgment on the grounds of new information and fraud. Star Assurance is simply trying to use all means at their disposal to enforce the consent judgement of 2022 and to use their media outlets to tarnish my reputation in the hope that I would buckle. Star Assurance is trying to enforce that same judgement, which is tainted with fraud, and which I am currently challenging in court. I wish to state that it is never true that I have been evicted from my house.

Signed

Yves Hanson-Nortey
MP, Tema Central