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Former MASLOC CEO Sedina Tamakloe Sentenced 10 Years For Causing GH¢90M Financial Loss
Ghana

Former MASLOC CEO Sedina Tamakloe Sentenced 10 Years For Causing GH¢90M Financial Loss

by  Delali Adogla-Bessa 2 min read
  • Former CEO of Microfinance and Small Loans Centre Sedina Tamakloe has been sentenced to 10 years in prison
  • She was sentenced for causing financial loss to the state, money laundering, and theft, among others
  • The former Chief Operating Officer of MASLOC was also sentenced for five years with hard labour on the same charges

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Former CEO of Microfinance and Small Loans Centre (MASLOC) Sedina Tamakloe Attionu has been sentenced to 10 years in prison with hard labour for causing GH¢90 million in financial loss to the state.

She was also found guilty on charges of stealing, conspiracy to steal, money laundering, and causing loss to public property in contravention of public procurement law.

Sedina Tamakloe jailed following MASLOC scandal
Sedina Tamakloe was sentenced on some corruption-related charges. Source: Sedina Tamakloe Attionu
Source: Facebook

The former Chief Operating Officer of MASLOC, Daniel Axim, has also been jailed for five years with hard labour on the same charges, according to Citi News reports.

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They were both found guilty on 78 counts of the charges following their trial, which started in 2019.

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The charges pertain to misappropriating money meant for official activities between 2013 and 2016 under the Mahama administration.

Why was Sedina Tamakloe being tried for corruption?

According to the facts of the case first filed in court in 2017, the Economic and Organised Crime Office (EOCO) investigated certain fraudulent disbursements of MASLOC funds involving Tamakloe and Axim.

The investigations revealed that in June 2014, MASLOC, which has been the subject of other scandals, invested GH¢150,000 in Obaatanpa Micro-Finance Company Limited (Obaatanpa), a microfinance company located at Ejura in the Ashanti Region.

Afterwards, Tamakloe offered Obaatanpa another sum of GH¢500,000, but the firm refused because of the high-interest rate.

However, the expected refund of GH¢500,000 was not reflected in MASLOC books.

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In another instance, the duo were also found guilty of appropriating over GH¢1.7 million for a sensitisation exercise.

According to the facts of the case, MASLOC was expected to provide GH¢20 each for 85,300 beneficiaries, amounting to GH¢1.7 million..

However, only GH¢1,300 was spent for the intended purpose, and Tamakloe and Axim misappropriated the rest.

Former Capital Bank CEO Ato Essien sentenced 15 years

YEN.com.gh reported that the Former Chief Executive Officer of the now-defunct Capital Bank, William Ato Essien, was sentenced to 15 years in jail.

Ato Essien was convicted of stealing GH¢90 million of Bank of Ghana’s monetary support for his bank.

The former CEO had earlier agreed to pay back the GH¢90 million but has been unable to do so.

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Source: YEN.com.gh

Authors:
Delali Adogla-Bessa avatar

Delali Adogla-Bessa (Current Affairs Editor) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.

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