Accra, June 21, GNA - Major Rowland S. Agbenator (rtd.) one of the lawyers representing Tsatsu Tsikata, a former Chief Executive of Ghana National Petroleum Corporation (GNPC) on Wednesday said there was no proof that his client had caused any loss of to the State.

He said it should be the Investment Holding Limited (IHL), a subsidiary of Merchant Bank, which was acting as a trustee of GNPC in relation to Valley Farms Limited; that should be held accountable for the protection of the Trust's assets.

Major Agbenator, who was continuing an address on behalf of his client to close his case, told an Accra Fast Track Court on Wednesday that his client could not be held responsible for causing any financial loss to the State.

Tsikata is charged with three counts of wilfully causing financial loss of about 2.3 billion cedis to the State through a loan he guaranteed for Valley Farms, a private concern, on behalf of the GNPC. The accused is also charged with misapplying public property. The Trial Judge, Mrs Justice Henrietta Abban, an Appeal Court Judge with additional responsibility as a High Court Judge, has admitted him to a self-recognizance bail after he had pleaded not guilty. Maj Agbenator stated that it was impossible to claim that there had been "financial loss" incurred without an account by the Trustee - Merchant Bank (IHL).

"It is strange that the representative of the beneficiary is in effect the person being asked to account, when the Trustee has not been asked to account."

Maj. Agbenato said: "There is no evidence from the Trustee or indeed the beneficiary, GNPC, that any of the Trust's assets are unaccounted for."

He explained that his client entrusted funds of GNPC into the hands of a Bank that had advertised its professional credential to manage and invest on behalf of clients.

He argued that the Prosecution was engaged in sheer travesty of justice.

"If upon the Trustee giving an account, loss has been incurred, it would be the Trustee's responsibility, and the accused could only be held responsible if he colluded with the Trustee," he said. Maj. Agbenato earlier reminded the FTC that the defence team had filed an application at the Supreme Court seeking a declaration that the Court of Appeal erred in law, in dismissing an application against his client.

The Court of Appeal dismissed Counsel's application for criminal proceedings in an Accra FTC to be stayed, pending the final determination of an appeal against a ruling of the lower court on the International Finance Corporation's (IFC) immunity from the courts of Ghana.

Professor Emmanuel V.O. Dankwa, Leading Counsel for the accused was absent.

The court adjourned proceedings to Thursday for continuation of the address.