Stephen Amoah, CEO of MASLOC
Some persons indicted in EOCO’s forensic audit report on the Microfinance and Small Loans Centre (MASLOC), may face prosecution for their roles in the alleged misappropriation of funds at the Centre.
The Chief Executive Officer for MASLOC, Stephen Amoah, made this revelation on the Point Blank segment of Eyewitness News.
Key individuals indicted in the report by EOCO include the former Chief Executive Officer of MASLOC, Sedinam Tamakloe Attionu, and her predecessor, Bertha Sogah.
Mr. Amoah ordered the audit when he took charge of the Centre.
The report, among other things, revealed that MASLOC invested an amount of GHc 500,000 in a 91-day fixed deposit with Obaatampa Microfinance Company Limited, at an interest rate of 25% per annum on July 24, 2014.
The former CEO, Sedinam Tamakloe, in a letter dated August 28, 2014, however, instructed the microfinance company to terminate the investment and pay back the amount. But the report established that the money which was repaid cannot be traced.
The auditors recommended that Mrs. Sedina Tamakloe “should be held responsible for the refund of the amount of GHS 500,000 with interest in accordance with regulations 61(5) of the Financial Management Act, 2003 (654).”
Discussing the audit report, Mr Amoah said: “These things that are of interest to us, the most astonishing aspect is not even the quantum but the approach through which these monies were squandered. I cannot jump the gun, but some of them were unprecedented in the approach…Some of them [officials] may even be sent to court.”
Key individuals indicted in the report by EOCO include the former Chief Executive Officer of MASLOC, Sedinam Tamakloe Attionu, and her predecessor, Bertha Sogah.
Mr. Amoah ordered the audit when he took charge of the Centre.
The report, among other things, revealed that MASLOC invested an amount of GHc 500,000 in a 91-day fixed deposit with Obaatampa Microfinance Company Limited, at an interest rate of 25% per annum on July 24, 2014.
The former CEO, Sedinam Tamakloe, in a letter dated August 28, 2014, however, instructed the microfinance company to terminate the investment and pay back the amount. But the report established that the money which was repaid cannot be traced.
The auditors recommended that Mrs. Sedina Tamakloe “should be held responsible for the refund of the amount of GHS 500,000 with interest in accordance with regulations 61(5) of the Financial Management Act, 2003 (654).”
Discussing the audit report, Mr Amoah said: “These things that are of interest to us, the most astonishing aspect is not even the quantum but the approach through which these monies were squandered. I cannot jump the gun, but some of them were unprecedented in the approach…Some of them [officials] may even be sent to court.”
-Citifmonline