National Security Tracking Directors of 44 'Dead' OMCs For Owing BOST Nearly GH₵60 Million In Levies
- National Security operatives are on a manhunt for the directors of 44 oil marketing companies for prosecution
- The directors had through their now-shut down companies accrued GH₵60 million in debt to BOST and disappeared
- BOST said it has recruited the help of EOCO and debt collecting companies to help track down these directors and retrieve their funds
National Security is tracking the directors of 44 oil marketing companies (OMC) for prosecution for owing nearly GH₵60 million levies to the Bulk Oil Storage and Transportation (BOST) company.
According to BOST, now rebranded as Bulk Energy Storage and Transportation Limited (BEST), these OMCs had collected levies and margins from petroleum product sales but failed to remit the funds to BOST.
Source: UGC
The information was indicated in the Auditor General’s 2023 audited accounts.
So far, the directors have allegedly absconded, and their companies cannot be traced.
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BEST’s Chief Executive Officer, Dr Edwin Provencal, said the modus operandi of these OMCs was to operate for a while, accumulate levies meant to be remitted to the National Petroleum Authority (NPA) for onward transmission to BOST, and then suddenly shut down their companies.
He said that of the 44 companies being traced by National Security operatives, 26 had already been arraigned.
He is hopeful that with the government taking an interest in the situation, the directors can be found and face prosecution.
Dr Provencal said EOCO and some debt collection companies have been roped into the search for these directors.
He said BEST would not rest on its oars and would ensure that the funds were collected in full.
BEST responds to backlash after buying iPhones for executives
In 2023, the Bulk Energy Storage and Transportation Limited Company (BEST) responded to social media backlash about spending huge funds on iPhones for its top executives.
The viral news on social media was that BOST spent GH¢28.5 million, but BOST said that figure was inaccurate.
In a statement, BOST explained that the GH¢28.5 million captured in the company's financial reports may be due to a typographical error.
The statement said the error occurred because the decimal point was placed two steps to the right of the actual figure.
BOST insists that the 18 iPhones it purchased amounted to GH¢234,000, which went up to GH¢285,412 after taxes.
BOST management complicit in contaminated fuel saga
YEN.com.gh reported that the former management of Bulk Oil Storage and Transportation (BOST) Limited has been described as complicit in a contaminated fuel saga involving Movenpina and Zup Oil Limited.
In 2017, BOST was attacked over its decision to sell five million litres of contaminated fuel to Movenpina.
However, Movenpina was incorporated about a month after it negotiated the deal with BOST.
This was done without a National Petroleum Authority (NPA) licence.
Proofread by Berlinda Entsie, journalist and copy editor at YEN.com.gh
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Source: YEN.com.gh
