Two Officials Of ARB Apex Bank Arrested For Misappropriating Funds

Two Officials Of ARB Apex Bank Arrested For Misappropriating Funds

 Two persons, Jacob Wellington Assan, General Manager of Akyempim Rural Bank (ARB) and Frank Kobina Baah, Operations Manager have been arrested by the Central regional police command for allegedly misappropriating funds of the bank.

The arrest of the two top officials followed the recommendations made by the five- member Interim Board of Directors appointed by the ARB Apex Bank.

The committee under the chairmanship of Alex Coffie would steer the affairs of the bank until a substantive board is appointed and announced at the shareholders meeting scheduled to take place in December.

The immediate past Board Chairman of the Bank, Colonel K.K Nyame (RTD) confirmed the arrest of the two managers at Agona Swedru in an interview where he revealed that they were arrested after they were invited by the Interim Board to account for their stewardship at Agona Swedru.

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Colonel Nyame who regretted the behavior of Assan and Baah said their activities had extremely frustrated the bank in its operations.

Customers of the bank started having issues with accessing their money in March this year, and most of them being teachers in the Gomoa West and Gomoa East districts and Agona West Municipality encountered difficulties in collecting their salaries.

The intervention of the ARB Apex in the matter came about due to the huge agitations by the traders and other businessmen who had their deposits with the bank but could not withdraw them.

This made the board of directors of the bank initiate investigations into the operations of the two managers.

He said the no-nonsense approach to the issue made the board recommend the arrest and possibly prosecution of the two managers to restore confidence and trust of customers and investors in dealing with the bank.

 

CREDIT: GNA

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