Finance Director of KMA Blames Sam Pyne for Debt Default to Fidelity Bank

The Finance Director of the Kumasi Metropolitan Assembly (KMA), David Abbam Adjei, has pointed fingers at KMA boss Samuel Pyne for the failure to settle a debt owed to Fidelity Bank.

According to Adjei, a loan agreement of 5 million cedis between KMA and Fidelity Bank for the Krofrom Market project had reached its payment deadline. However, delays from the Mayor resulted in the bank invoking the collateral agreement.

In an interview on AbusuaNkommo at ABUSUA965FM with Kojo Marfo, Adjei clarified that the loan agreement specified that registration fees from market women would be the primary source of repayment. In case of default, shares of money at Kejetia City Market served as collateral.

He emphasized, “The primary repayment source for the GH¢5 million loan was the registration fees from market women. However, our shares at Kejetia City Market were used as collateral in case of default.”

Adjei explained that KMA failed to meet the repayment deadline due to delays caused by the Metropolitan Director.

He highlighted that the collateral funds were used by Fidelity Bank to settle the loan agreement.

“Unfortunately, we couldn’t complete the registration, and Hon Sam Payne came as the new KMA boss. He told us to give him some time to go through the documents, and the time for repayment was due so Fidelity used the collateral money to settle the loan agreement,” he emphasized.

Despite providing all necessary information to the new Metropolitan Director, Samuel Payne, Adjei expressed disappointment that the repayment deadline was missed due to delays in document review.

He stated, “The briefing was done, I was part of the team that did the briefing and what he told us was that we should wait while he did one or two things.”