Pulse.com.gh logo
Go


Otumfuo Osei Tutu II Asantehene’s passport had expired when he gave out £350,000 – Ghana International Bank

The Ghana International Bank said even if the Asantene's passport had not expired its employee should have followed bank's processes in depositing his money which he failed to do.

  • Published:

The Ghana International Bank (GIB) has disclosed that the Asantehene Otumfuo Osei Tutu II’s diplomatic passport had expired when he gave £350,000  to an official of the bank.

This was in response to claims that an official of GIB Mark Frank Arthur was unfairly dismissed for transferring £350,000 into the personal account of the traditional leader.

Arthur who is challenging his dismissal in court said he did the transaction because he is a ‘subject’ of the Asantehene who also carried a diplomatic passport.

However, the bank in a statement said “The claimant [Mr Arthur] did not check the diplomatic passport was valid and in fact, it was expired. Even, if it had not expired, the claimant would have still had to follow the Respondent’s [Bank] processes which he failed to do.”

READ ALSO: Asantehene donates GH¢50,000 to Major Mahama's family

According to the bank, it terminated Mr Arthur’s employment “for gross misconduct, gross negligence and breach of confidence. The decision to dismiss was upheld by an independent third party who found the claimant had made a ‘catastrophic error of judgement.”

Ashantehene Otumfuo Osei Tutu II has been fingered in a potential money laundering case in the United Kingdom in which he is said to have deposited £350,000 at  Ghana International Bank.

The Asantehene is said to have handed the money to Mark Arthur, an executive director of the bank, at his multimillion-pound residence in Henley-on-Thames, for deposit.

According to the British-based Telegraph, the subsequent deposit of the cash at Ghana International Bank triggered a money laundering alert in the City of London and cost Mr Arthur his job.

READ ALSO: Meet the 21st century filthy rich kings of Africa

The bank said he had failed to follow anti-money laundering rules and had violated security policies as it was only insured to carry cash by armoured car up to a maximum of £250,000, according to the report by the Telegraph.

Mr Arthur, who is under investigation over the development, said in his testimony that Otumfuo told him the money was withdrawn from banks in Ghana and brought to the UK.

Meanwhile, Manhyia palace is yet to respond officially to the issues.

Below is a copy of the statement from the bank

Mark Frank Arthur (The Claimant), v Ghana International Bank Public Limited Company (The Respondent)

Statement from The Respondent in the event of media enquiries Wednesday 11 October 2017

The Respondent rejects the allegations made by the Claimant and will vigorously defend its position.

The Claimant’s employment was terminated for gross misconduct, gross negligence and breach of trust and confidence. The decision to dismiss was upheld by an independent third party who found the Claimant had made a 'catastrophic error of judgement'. The Claimant has misrepresented matters to the Respondent and now seeks to make incorrect and unfounded allegations to the Tribunal.
Our response to the allegations is as follows:

1. Non-disclosure of Grant Thornton notes. The Respondent has never been given them. An application by the Claimant’s solicitors to obtain the notes was denied by an employment Tribunal Judge on 31 Aug. who suggested they reapply on 9 Oct, if they considered them material or important. The Claimant has not re-applied.

2. Accepting the Cash Deposits and carrying out the due diligence afterwards. The Respondent rejects the notion that there is precedent for accepting large sums of cash and carrying out due diligence afterwards. There is no comparable event involving large amounts of cash which would justify the Claimant’s actions.

3. The insurance policy covered the transportation of the cash. The Respondent’s policy did not cover the transportation of the cash by the Claimant.

4. Denial that there was a breach of the bank’s policies. The Respondent maintains that there was a clear breach. The Claimant should not have taken receipt of the £199,960 and $200.0000 without having first undertaken appropriate due diligence on the source of the funds, which he failed to do.

5. Approval from the Respondent for the transfer. The Respondent had a clear process for approval which involved Compliance checks. The Claimant chose to ignore the Respondent's processes.

6. Exemption of currency movement regulations due to a diplomatic passport. The Claimant did not check that the diplomatic passport was valid and it had in fact expired. Even if it had not expired, the Claimant would still have had to follow the Respondent’s processes, which he failed to do.

 

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 RIP Tamale Chief, Naa Dakpema Mohammed Dawuni Alhassan, deadbullet
2 NPP Chairman Apologise for insulting Togbe Afede - House of Chiefs...bullet
3 Captain Smart’s Arrest Management didn’t assign personal bodyguards...bullet
4 Arrested A Ghanaian and a Nigerian nabbed for human traffickingbullet
5 Murder Policeman shot and killed by armed robbers in Kumasibullet
6 Parliament House Speaker denies selling parliament land to...bullet
7 Parliament House Speaker Oquaye directs sale of parliament...bullet
8 Allegations Kwame Despite not using blood donations for...bullet
9 In Ashanti Region Robbers attack Metro Mass, 9 other...bullet
10 RIP Prof. Okai Atukwei Okai- celebrated Ghanaian...bullet

Top Videos

1 Video I don't have time for sex - Obinimbullet
2 Political Marriage Ras Mubarak Marries Muntaka's Daughter As Second Wifebullet
3 Name and Shame Kennedy Agyapong premieres Anas video on June 27bullet
4 Video Lady in Owusu Bempah's sex scandal finally speaksbullet
5 Anas Exposé "Nyantakyi gave out Nana Addo's room number to...bullet
6 Video Obinim church members confess sexual sinsbullet
7 Preparing For Death Pastor makes his tomb in his housebullet
8 Ghanaian child without genitals lives throughbullet
9 Ebony's Death Video of Ebony's soldier singing 'morale...bullet
10 Innovation KSM interviews CEO of Kaeme, Freda Obeng-Ampofobullet

Local