Zeepay CEO Andrew Takyi-Appiah's Home Reportedly Raided by Police Over $11.6M Court Judgment
- Police officers reportedly stormed Zeepay CEO Andrew Takyi-Appiah's residence following a Commercial Division ruling ordering him to pay a customer over $11.6 million
- The High Court held Takyi-Appiah personally liable after evidence showed company funds were allegedly deposited directly into his personal mobile money wallet
- Ghanaians reacted with mixed comments online, with some questioning his offence while others warned tech founders against mixing personal and corporate finances
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A video of Ghana police officers reportedly storming the residence of Zeepay founder Andrew Takyi-Appiah has surfaced on social media.
Source: Twitter
The video showed a mix of court officials and law enforcement apparently enforcing a recent ruling, although their exact course of action was unclear.
Popular content creator GH Chronicles shared the video on Twitter/X, with the tense scenes showing security personnel gathered near the residence.
According to reports, the video emerged from a judgment delivered by the Commercial Division of the High Court, which had ordered him to pay over $11.6 million to a customer, Michael Yusuf, for failing to execute fund transfers.
The judgment mandated the payment of $11,585,753, €8,500, and GH₵1,400,000, plus interest and legal costs of GH₵500,000 due to finding no reasonable grounds from the defendant against the plaintiffs' claims.
The court additionally held CEO Andrew Takyi-Appiah liable for his company's failures, refusing a motion to remove him as a defendant.
The decision was reportedly made after evidence showed company funds were deposited in Takyi-Appiah's personal mobile money wallet.
The Twitter video of police reportedly raiding Andrew Takyi-Appiah's home is below.
Reactions to police raiding Zeepay CEO’s home
YEN.com.gh compiled some comments reacting to the video of police officers storming the home of Zeepay CEO Andrew Takyi-Appiah.
@NellyIcez7 said:
"Now big men too dey collect wotowoto. But what is his offense?"
@Naz201 wrote:
"Distraction nkoaaa. Oh, Ghana, why? People are still trying to get their stuff out of the flood. Here we are with this story."
@Maxibrown2 commented:
"God protect every entrepreneur."
@KSnetne said:
"This is a monumental wake-up call for every single tech founder and executive in Ghana. The judge explicitly refused to remove Andrew Takyi-Appiah from the lawsuit because evidence showed a substantial amount of the client's corporate funds was deposited directly into the CEO's personal mobile money wallet. Once you co-mingle corporate funds with personal accounts, you strip away the protection of a "limited liability" company. The court pierces the corporate veil, and your personal home becomes fair game for seizure."
Below is a Twitter post with details of the legal action against Zeepay.
Source: UGC
Former NAFCO boss arrested
Previously, YEN.com.gh reported that the former Chief Executive Officer of the National Food Buffer Stock Company, Hanan Abdul-Wahab Aludiba, had been arrested at the Accra International Airport.
The politician was arrested after an alleged attempt by the accused to use fraudulent means to access funds from his frozen Republic Bank account, despite being previously granted permission to travel.
Proofreading by Bruce Douglas, copy editor at YEN.com.gh.
Source: YEN.com.gh
