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EOCO grabs Adom Sika Microfinance directors

Two Directors of Adom Sika Microfinance Limited have been arrested by the Economic and Organized Crime Office (EOCO) for their inability to render account on how depositors’ funds in excess of GH¢150 million were utilized.

Sam George Acquah and Georgette Kusi-Boateng were grabbed last Wednesday and subsequently cautioned and released on bail to be reporting later.

The Executive Director of EOCO, COP (rtd) Frank Adu-Poku, narrated to DAILY GUIDE that the suspects were unable to render accounts or explain how depositors’ funds were used.

He said a review of records of the company revealed that a single debtor identified as Kwaku Ansu had an outstanding loan balance of about GH¢240 million which accounted for over 95% of the loans and advances of the company.

“What is even more suspicious was that Ansu’s exposure was as a result of normal and penalty interest built up from 2012 based on a facility of GH¢2.7 million extended by the company to Ansu,” the EOCO boss said.

He stated that the exercise EOCO had embarked on against offending Micro Finance Companies and Savings and Loans companies marked a turning point in the approach of law enforcement to the acts of ‘impunity’ by directors of these institutions.

“The action of the directors constitutes financial crimes against innocent citizens and for that matter, the state, which EOCO is mandated to investigate,” he added.

COP Adu-Poku hinted that the properties and assets acquired by these directors through the diversion of depositors’ funds would be treated as proceeds of crime and EOCO would take all necessary steps to restrain and preserve such assets and take appropriate legal action to ensure that the proceeds were used to compensate their victims.

DAILY GUIDE investigation has shown that most of the depositors of Adom Sika Microfinance Limited were military personnel who went on peacekeeping missions outside the country.

“These soldiers used their hard-earned monies to invest in the microfinance company with the aim of acquiring more profits only to be disappointed,” a source said.

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