‘I OWE NO DEBT TO COLA HOLDINGS’ – Cheddar Responds to $14.9m Judgment
Business mogul insists UK ruling was based on misrepresentation and vows to challenge its enforcement in Ghana
Businessman Nana Kwame Bediako, popularly known as Cheddar, has denied claims that he owes $14.9 million to UK-based Cola Holdings Limited, describing the reports as misleading and asserting that the legal process is still ongoing.
His response follows reports that the High Court (Commercial Division) in Accra has enforced a judgment from the High Court of England and Wales, directing him to pay more than $14.9 million, plus interest and costs, to Cola Holdings Limited.
According to a notice published in the Daily Graphic on Thursday, January 22, 2026, the foreign judgment was registered in Ghana on May 20, 2025, after Cola Holdings applied for recognition and enforcement of the UK court’s decision.
The original judgment was delivered on January 23, 2025, by Deputy Master Sabic KC, with variations granted in March and April 2025.
In a statement, Mr. Bediako categorically rejected the claim that he personally owed the debt, insisting that he “has not contracted any loan from Cola Holdings Ltd” and that the company “has not paid any money” to him.
“I wish to set the record straight on the facts leading to this judgment,” he stated.
He explained that the disputed transaction relates to a loan obtained by Kensington Residential Partners 1 Limited (KRP 1) from the International Finance Corporation (IFC).
According to him, the shareholders of KRP 1 are himself and Mr. Azad Cola, the owner of Cola Holdings Limited.
“I was therefore surprised when I was informed that Cola Holdings Limited had commenced an action against me personally in the United Kingdom to recover the loan which was contracted by KRP 1 from IFC,” he said.
Mr. Bediako revealed that his lawyers in the UK failed to file a defence in the case, which led to the judgment being entered against him.
He added that he has now instructed his legal team in Ghana to appeal the enforcement of the judgment on grounds of fraud and public policy.
“After the High Court Judge refused to set aside the registration of the foreign judgment, I have instructed my lawyers in Ghana to file an appeal against that decision,” he said, noting that steps have been taken to prevent enforcement pending the appeal outcome.
Cheddar further accused Cola Holdings Limited of trying to recover the same debt twice, once from him personally and again from KRP 1, which he described as “a clear case of unjust enrichment and abuse of court process.”
He also alleged that Cola Holdings failed to disclose to the UK court that proceedings were already underway in Ghana against KRP 1, describing the omission as “fraudulent misrepresentation.”
Mr. Bediako reiterated his confidence in Ghana’s judicial system, saying he believes the truth will ultimately prevail.
“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 the processes have been exhausted, truth will stand,” he said.
The statement was signed by Nana Kwame Bediako in his capacity as President of the Kwarleyz Group.
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Source:NKONKONSA.com
