- The GCMC CEO was suspended by some angry board members for allegedly locking them in a meeting
- Frances Assiam has been accused of awarding some contracts without approval from the company board
The Chief Executive Officer (CEO) of Ghana Cylinder Manufacturing Company (GCMC), Madam Frances Essiam, has been suspended by board members of the company.
According to a Citinewsroom.com report, six out of the nine board members took the decision and suspended the CEO of the company.
The report states that Madam Essiam’s suspension comes on the back of a disagreement with the board during which [she], the CEO locked them out on Tuesday afternoon when they attempted to hold a meeting at the company’s premises.
The board had earlier queried Madam Essiam over claims that she has mismanaged GCMC, and also awarded some contracts without approval from the Energy Ministry.
A letter from the company’s board had reportedly warned Madam Essiam to stay off the disbursement of a GH¢5million stimulus package sought by the government for the company.
According to further reports, the letter which dated April 13, 2018, and signed by the company board chairman, Frank Boakye Agyen, questioned why [she] Madam Essiam never sought approval from the Ministry of Energy before awarding several contracts.
“You verbally informed the Board but belatedly after you borrowed money to enable you to pay the salaries of the workers for February 2018. Please explain why you did not seek the Board’s approval before contracting the loan to pay workers,” a portion of the letter quoted.
“….at the meeting of the board on the 5th of April 2018, members unanimously asked me to write to you to demand answers for the following actions of yours; in ordering the company’s old and disused machinery for sale as scraps, did you follow due process laid by law? If yes, please state the processes you followed,” it added.
However, Madam Frances Essiam has denied all claims and allegations leveled against her.
Following the lockout, the members of the board held the meeting outside the premises of the company, where the six members approved a decision to suspend her.
Meanwhile, it is not yet clear how Madam Essiam will respond to the decision by the six board members to suspend her.
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