This was made known by Samuel Quansah, an accountant with the collapsed financial institution.

He cited prohibitive interest rates for the refusal to accept the loan.

During cross-examination, he told the Financial and Economic Division of the Accra High Court on Monday, 25 November 2019, presided over by Justice Afia Serwah Asare Botwe that the cash was returned to the former MASLOC boss, Sedina Tamakloe, in a Ghana-must-go bag.

Sedina Tamakloe had pleaded not guilty to all 80 counts of stealing and causing financial loss to the state, causing loss to public property, improper payment of public funds, unauthorized commitment resulting in a financial obligation for the government and contravention of the public procurement act.

She was charged together with the former Operations Manager of the Centre, Daniel Axim, who was granted a ¢1 million bail with one surety.

Sedina Tamakloe Attionu
Sedina Tamakloe Attionu

Background

In 2017, the Economic and Organised Crime Office (EOCO) conducted investigations into certain fraudulent disbursement of MASLOC funds involving the 1st and 2nd accused persons.

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Investigations revealed that in June 2014, MASLOC invested a sum of GH¢150,000 in Obaatanpa Micro-Finance Company Limited (Obaatanpa), a licensed Tier II microfinance company located at Ejura in the Ashanti Region. Thereafter, the 1st accused person offered Obaatanpa a further investment sum of GH¢500,000. As a result, a MASLOC Agricultural Development Bank (ADB) cheque dated 24th July 2014 in the sum of GH¢500,000 was drawn in favour of Obaatanpa.

Soon after Obaatanpa received the MASLOC cheque, the 1st accused person informed the Board Chairman of Obaatanpa that the investment amount of GH¢500,000 would attract 24% interest. Obaatanpa decided to return the amount to MASLOC since the interest rate being demanded by the accused person was too high and unprofitable for its business and issued a cheque in a refund of the loan amount.

Upon presentation of the cheque, the 1st accused person declined to accept the cheque and made a demand for a cash refund. A cash amount of GH¢500,000 was delivered to the 1st accused person by the Board Chairman of Obaatanpa on the night of 28th August 2014 at the Baatsona Total Filling Station located on the Spintex Road in Accra. By a letter dated 28th August 2014, the 1st accused person acknowledged receipt of the refunded sum.

In 2015, per letters some of which were under the hand of the accused person, MASLOC made demands on Obaatanpa for the payment of interest on the principal investment sum of GH¢500,000. In response to the demands, Obaatanpa wrote a reminder to MASLOC concerning the payment of the loan amount and drew the 1st accused person’s attention to the unjustified demands whereupon the demands stopped.

In 2017, upon the assumption of office of a new Chief Executive of MASLOC a demand notice was again sent to Obaatanpa for the payment of accrued interest on the same investment sum of GH¢500,000 whereupon Obaatanpa once again informed MASLOC that the money had already been refunded since 2014. Investigations subsequently showed that MASLOC had no record of the amount having been paid to it and that the 1st accused person had appropriated the amount of GH¢500,000.

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The Charges

Count one (1) to thirty-five (35) are on charges of Stealing and Conspiracy to Commit Crime namely Stealing contrary to section 23(1) and 124(1) of the Criminal Offences Act 1960 (Act 29).

Count thirty-six (36) to sixty-eight (68), are on Causing Financial Loss to the State, Wilfully Causing Financial to the State and Conspiracy to Commit Crime namely Wilfully Causing Financial to the State all of which are contrary to section 23(1) and 179A (3)(a) of the Criminal Offences Act 1960 (Act 29).

Counts seventy (70) and seventy-one (71) bother on Causing Loss to Public Property, contrary to section 2 of the Public Property Protection Act 1977 (SMCD 140).

Furthermore, counts seventy-two (72) and seventy-three (73) has the statement of offense captured as Improper Payment of Public Funds contrary to section 96(1)(c) of the Public Financial Management Act, 2016 (Act 921).

Count seventy-four charges the first accused person, Sedina Christine Tamakloe Attionu, with Unauthorised Commitment, Resulting in Financial Obligation for the Government contrary to section 96(1)(a) of the Public Financial Management Act, 2016 (Act 921).

Count seventy-five (75) to seventy-eight (78) prefer charges of Money Laundering contrary to section 1(1)(c) of Anti-Money Laundering Act, 2008 (Act 749) and finally count seventy-nine (79) and eighty (80) bother on the charge of Contravention of the Public Procurement Act contrary to section 92(1), and 40(1)(a) of the Public Procurement Act, 2003 (Act 663).