Causing Financial Loss: Former MASLOC CEO jailed 10 years, COO jailed 5 years

1 min read
Former CEO of MASLOC, Sedinam Tamakloe
Former CEO of MASLOC, Sedinam Tamakloe

Former CEO of , Sedinam Tamakloe, has been sentenced to 10 years in prison with hard labour, while former Chief Operating Officer of , Daniel Axim, has been jailed for five years with hard labour.

The verdict follows their conviction on 78 counts of causing financial loss to the state, stealing, conspiracy to steal, money laundering, and causing loss to public property, all in violation of public procurement laws.

The trial of the two individuals commenced in 2019, with the state presenting six witnesses. However, Tamakloe was tried in absentia as she absconded after being granted permission by the court to seek medical treatment abroad. Axim, on the other hand, testified in person but did not call any witnesses in his defence.

The charges against the accused relate to the misappropriation of funds earmarked for MASLOC activities between 2013 and 2016. Among the instances cited, the convicts were found to have withdrawn GH¢500,000 as a loan for Obaatampa Savings and Loans company, subsequently demanding a refund when the financial institution refused to yield a 24% interest rate.

Although evidence indicated the refund was made to the convicts, it was not reflected in MASLOC's accounts. Furthermore, over 1.7 million Ghana cedis allocated for a sensitization exercise was misappropriated, with only a fraction of the intended amount disbursed to beneficiaries.

Similarly, funds intended for victims of a fire incident at Kantamanto were also misappropriated, with a significant portion of the allocated funds unaccounted for. The case also involved irregularities in the purchase of vehicles and Samsung phones for MASLOC, with funds disbursed exceeding market prices at the time of purchase.

The evidence presented during the trial highlighted systemic financial irregularities and mismanagement within MASLOC during the tenure of the convicted individuals. The verdict underscores the importance of accountability and transparency in public procurement and financial management processes.

Leave a Reply

Your email address will not be published.

Latest from Legal