Three bankers to face court action for fraud

Three former top officials of the Akyempim Rural Bank have been indicted for fraudulent activities from 2010 to the second quarters of 2015 that led to liquidity crisis of the bank.

The officials accused of masterminding the bankruptcy of the Bank are Mr Jacob Wellington Assan, General Manger, Mr Frank J. K. Baah, Operations Manager and Mr Nifah Owuba, Credit Manager.

Mr Alex Coffie, Interim Chairman of the Board of Directors of the Bank announced this at the 30th Annual General Meeting (AGM) of the shareholders at Gomoa Dawurampong.

Their nefarious acts were detected by forensic audit carried out by Nexia Debrah and Co, Chartered Accountant engaged by the ARB Apex Bank to ascertain the causes of the distressed of the Bank.

According to the Board Chairman, Mr Assan and Mr Baah were interdicted shortly after findings of the relieving managers indicated malfeasance against them.

This occurred after the General Manager and Operations manager were subsequently arrested by the Central Regional Police Command and they are currently on Police enquiry bail.

The Board Chairman said Mr  Nifa  Owuba together with several other staffs who were involved in the fraudulent activities have been dismissed.

He said this followed the investigations made by the relieving managers brought by ARB Apex Bank last year after the collapsed.

He said some forensic audit findings against the officials were the withdrawing from customer’s accounts, suppression of “SUSU” collectors and theft from money transfers.

Others were debiting cost/income centres to syphon funds, issuing bank’s payment order for their personal transactions, obtaining receipts for items not purchased and pocketed cash involved and funds taken for official duties were also pocketed.

The findings further stated that the unscrupulous bank officials also granted loans to themselves void of proper documentation, stealing funds from the Bank and investing same in the Bank at an interest rate higher than Bank’s own interest rate among others.

The interim Chairman stated that the previous management of the Bank conspired to create non-existing microfinance loans to the tune of GH¢2,818,313.37 million between 2011 and 2014.

Mr Coffie said the previous management headed by Mr Assan credited same to income for which GH¢1,297,000 million posted as income in 2014 alone.