The Managing Director of Ghana Chemical Company has appeared before an Accra Circuit Court for allegedly defrauding Toyota Ghana Limited of an amount of $205,862.

Jacob Mawuli Setsofe purchased six vehicles for a science-related project.

However, after making a deposit of 5,000 dollars for the vehicles Setsofe declined to pay the rest of the money and went into hiding.

Setsofe, charged with fictitious trading, forgery of documents, possession of forged documents and issuing a false cheque.

He pleaded not guilty to the charges and the court presided over by Mrs Abena Oppong Adjin-Doku admitted him to bail in the sum of GH¢2 million with five sureties, two of whom to be justified.

He is expected to reappear on May 3.

Mr Thomas Aubyin, defence counsel for Setsofe said the accused had no intentions of defrauding the company and that he was into a genuine business.

According to Mr Aubyin, Setsofe was embarking on a science project but the demise of Professor Evans John Atta-Mills truncated this project.

Defence counsel had earlier prayed the court to admit his client to bail because he would appear to stand trial.

Prosecuting, Chief Inspector Martin Adu Acheampong said the complainant, Mr Edwin Kofi Sarfo, is an accountant with Toyota Ghana Limited.

On April 4, 2015, Setsofe approached Toyota Ghana Limited to purchase six vehicles. The vehicles were made up of three Hilux DLZ, one Hilux ALT and two Toyota Yaris.

Prosecution said, Setsofe paid 5,000 dollars as part payment and promised to pay the rest by instalments within six months, adding that he would be issuing cheques for the payment.

Prosecution said the accused person told the company that he was going to use the six vehicles to distribute alcohol.

According to prosecution the company released a waybill, DVLA sticker and left change of ownership column on the documents blank.

The accused person, however, wrote his name on the change of ownership and stamped same with his office stamp.

Prosecution said the accused person gave the vehicles to witnesses in the matter to sell same and pocketed the proceeds.

Setsofe issued six different cheques and when they were presented at the bank they were dishonoured.

After fruitless efforts of contacting him, a warrant of arrest was sought and he was published in the national dailies.

The prosecution said Setsofe, who was involved in another matter in Tema, was transferred to Accra and that so far two of the cars all being Toyota Yaris have been retrieved, prosecution added.