Lawyers for Stoubus.Biz Limited, automobile company based in Accra, have denied “any element of fraud” over a transaction it entered into with Bernard Arku Yartey, a businessman.

Media reports on Wednesday had suggested that the Greek national and Chief Executive Officer of Stoubus.Biz Limited, Vasileois Stoumpos, allegedly defrauded his Ghanaian counterpart to the tune of $20,000 under the pretext of selling a 2013 Mercedes Benz model to him.

The said publication, which went viral on several news websites, was captioned: “Cypriot car dealer dupes Ghanaian businessman”.

But in a swift response, Lawyer Samuel Dubik Mahama, said the report is false, mischievous and an attempt to destabilize his client’s business in a case that is still in court.

"For the records, the Stoub.biz CEO is not from Cyprus as desperate and confused Mr. Yartey hastily claimed, rather he is from Greece."

He further explains that an agreement was reached early this year between the businessman (Mr. Yartey) and his client to lease his property as a showroom for business for a charge of USD$90,000 for 7-years.

A formal agreement of the building lease to that effect was signed on January 7, 2016 where Stoubus agreed to pay $90,000 for 7- years.

Mr. Yartey was tasked to renovate and handover the building to Stoubus on February 7 2016 – an agreement he failed to honour. This compelled Stoubus to take over the building after expiration of the agreed date.

The businessman then expressed interest to buy a 2013 Mercedes Benz from Stoubus but explained that the cost of the car USD$50,000, be deducted from the initially agreed $90,000 so that Stoubus only pays him balance of $40,000.

"He then came back to say instead of 2013 Model the car was 2012 Model and started alleging fraud. He was given one month to return the car for his money since he was no longer interested. As we speak now, the car has never been returned and he has used the car for more than a month now thereby devaluing the car. The case is in court at the moment but he doesn't seems to cooperate anymore with us so what constitutes fraud in this case?" Lawyer Mahama queried.

He went on to add that Lawyers of Mr Yartey were officially notified to ask their client to handover the car for his $50,000 after he had complained of the model.

He was given one month to return the car and has since refused to return the vehicle for his money.

"Out of mischief and whatever agenda best known to him, he decided to resort to the press to make all kinds of wild claims that he had been swindled or duped."