“I Owe No Debt to Cola Holdings” – Cheddar Denies $14.9M Judgment
Cheddar insists he owes no personal debt to Cola Holdings and challenges enforcement of the $14.9M UK judgment in Ghana
- Nana Kwame Bediako insists he never borrowed from Cola Holdings
- Bediako has instructed lawyers to resist enforcement of the UK judgment on grounds of fraud
- He accuses Cola Holdings of failing to disclose ongoing Ghanaian proceedings to UK courts
Businessman Nana Kwame Bediako, popularly known as Cheddar, has rejected claims that he owes $14.9 million to UK-based Cola Holdings Limited, insisting that the matter is still under legal review.
The response comes after reports that the High Court (Commercial Division) in Accra had enforced a judgment issued by the High Court of England and Wales, ordering Bediako to pay over $14.9 million, plus interest and costs, to Cola Holdings.
The foreign judgment, initially delivered on January 23, 2025, by Deputy Master Sabic KC in the UK, was registered in Ghana on May 20, 2025, making it enforceable locally. Variations to the judgment were granted in March and April 2025.
Reacting to the reports, Bediako said he never contracted a loan personally from Cola Holdings and that the company has never advanced him any funds.
“I wish to set the record straight on the facts leading to this judgment,” he stated.
According to Bediako, the disputed loan was actually contracted by Kensington Residential Partners 1 Limited (KRP 1) from the International Finance Corporation (IFC). Both Bediako and Azad Cola, the owner of Cola Holdings, are shareholders in KRP 1.
“I was surprised to learn that Cola Holdings Limited had commenced action against me personally in the UK to recover a loan that was taken by KRP 1,” Bediako said.
He explained that his UK lawyers failed to file a defense, prompting him to instruct lawyers in Ghana to oppose enforcement of the judgment on grounds of fraud and public policy. He has also filed an appeal after the High Court judge refused to set aside the registration of the foreign judgment, and steps have been taken to prevent its enforcement while the appeal process is ongoing.
Bediako further accused Cola Holdings of attempting to enforce the same debt against KRP 1 in Ghana, calling it a case of unjust enrichment and an attempt to abuse court processes. He also alleged that Cola Holdings failed to disclose ongoing Ghanaian proceedings to the UK court, describing the omission as fraudulent misrepresentation.
“I wish to assure the public that I believe in the rule of law and the justice delivery system in Ghana. I am certain that after all processes are exhausted, truth will stand,” he said.
The statement was signed in Bediako’s capacity as President of the Kwarleyz Group.
