Cheddar is challenging a US $14.9 million judgment against him in a London court, alleging that a document used to establish his liability was forged.
Cheddar has approached the High Court in London to contest the validity of a deed of indemnity dated January 18, 2018, according to a 3News report.
His lawyers argue that Bediako was in Nigeria on the day the document was allegedly signed in Accra and suspect that an electronic copy of his signature was used without his knowledge or authorisation.
The disputed deed reportedly bears a signature witnessed by Reginald Sittie, who was Cheddar’s executive assistant at the time.
The legal dispute stems from an investment project involving Kensington Residential Partners 1 Limited (KRP 1), in which Cheddar and Azad Cola, managing director of Cola Holdings Limited, are equal shareholders.
The project received part of its funding through a US$18 million loan arranged by the International Finance Corporation (IFC), the private-sector financing arm of the World Bank.
However, the COVID-19 pandemic disrupted the project’s revenue, prompting the IFC to call in the loan in April 2023.
Cola Holdings subsequently claimed it had guaranteed and settled the outstanding debt before taking over the IFC’s interest.
The company then pursued Cheddar personally for his share of the liability, relying on the disputed indemnity deed.
On January 23, 2025, an English court ordered Cheddar to pay US$14,928,314.70, together with interest at eight per cent annually.
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