Renaizance Oil Ltd boss busted for defrauding BDC

Renaizance Oil Ltd boss busted for defrauding BDC

Chief Executive of Renaizance Oil Limited, David Aseye Tay, is behind bars for allegedly defrauding some Bulk Distribution Companies (BDCs) to the tune of whopping six million dollars ($6m), equivalent of about GH¢28million.

Thanks to the law which is no respecter of person, the man who allegedly boasts to industry players that he is untouchable and that no court could handle him is in police custody, on remand, and is due to make an appearance in Commercial Court 6, on 1st July 2019.

David Tay, the story goes, bought Petroleum product from one BDC (name withheld), between the period of January 2018 to July 2018, in the name of three Oil Marketing Companies (OMC) – Goodness Energy Limited. Compass Oleum Limited and G&G Oil Company Limited.

The petroleum product totaledTwenty-Seven Million Nine Hundred Sixty-Three Thousand One Hundred and Twenty-Eight Ghana Cedis (GH¢ 27,963,128.00), with these companies and issued cheques valued at Twenty-Five Million Two Hundred and Forty Thousand Five Hundred and Ten Ghana Cedis (GH¢25, 245,510.00), with promise to pay the difference later.

However, “The cheques he issued to us gets returned anytime we present them to the bank which made us called for a meeting with him to discuss his debt position and the issue of the returned cheques. He promised at the meeting to pay in full by 15th August 2018.

He also informed us at the meeting for the first time since we started doing business with him that, two of the OMCs he has been using to buy products from us are not his companies i.e. Goodness and Compass Oleum,” a letter, dated August 14, 2018, addressed to the Criminal Investigations Department of the police and intercepted by this paper stated.

According to the BDC “We believe that this piece of information as concealed from us so as to mislead us and in fact he misled us into believing that we were dealing with companies belonging to him” and that “His general conduct in recent times gives us a reasonable suspicion that he has defrauded us by false pretenses and has no intention of paying the debt.”

Independent checks conducted by this paper revealed that petroleum product David Tay bought from the BDC was reduced and sold in cash on the market which makes it mind-boggling whyRenaizance Oil Ltd. chief executive did not pay the GH¢ 27,963,128.00.

Stay tuned as this paper follows up on some interesting developments at the police station where David Tay is languishing in remand.





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