Wontumi Farms, Directors to Be Prosecuted Over GH¢24 Million EXIM Bank Fraud
- Wontumi Farms and its directors are facing prosecution for alleged GH¢24 million Ghana Export-Import Bank fraud
- The Attorney General noted evidence of forgery, defrauding by false pretences, and financial losses to the state
- The prosecution is to commence after confirming the outstanding amount from the Ghana Export-Import Bank
Don't miss out! Get your daily dose of sports news straight to your phone. Join YEN's Sports News channel on WhatsApp now!
The Attorney General, Dr Dominic Ayine, has announced that the state will prosecute Wontumi Farms and its directors for alleged financial crimes involving the Ghana Export-Import Bank.
Investigations by the Economic and Organised Crime Office (EOCO) uncovered sufficient evidence to support charges of defrauding by false pretences, forgery, and causing financial loss to the state.
Source: Facebook
Among other things, Ayine stated that Ashanti Regional Chairman of the New Patriotic Party (NPP), Bernard Antwi Boasiako, popularly known as Chairman Wontumi, submitted a forged receipt to the Ghana Export-Import Bank to secure a GH¢4 million loan for the alleged purchase of farming equipment.
The alleged loss currently stands at GH¢24,255,735, representing the principal amount involved plus accrued interest.
A post on X on December 22 captured the Attorney General explaining that the final figure could rise further due to compounded interest before charges are formally filed.
He indicated that prosecution would commence after the Christmas break, once the outstanding amount had been confirmed.
"This figure represents the principal sum plus the interest that has accrued so far. By the time we file charges, which will definitely be after the Christmas break, it might be that this figure would have increased because the interest on the principal keeps compounding."
The decision to prosecute follows EOCO investigations into a loan transaction involving Wontumi Farms, linked to its director, Boasiako.
Ayine previously disclosed that the company had secured a GH¢4 million loan from EXIM Bank using a forged document.
Investigations reportedly showed that Boasiako submitted a falsified receipt purportedly issued by Casama Enterprise to support the loan application.
The document claimed payment for heavy-duty farming and industrial equipment, including bulldozers and excavators.
However, the Economic and Organised Crime Office’s findings established that the document was originally a proforma invoice and not a receipt.
The word invoice, according to him, was altered to read receipt and presented to the bank as proof of payment.
The owner of Casama Enterprise later confirmed that no payment had been made and that only a proforma invoice had been issued to Wontumi Ghana Limited.
During the presser, as also shared on X, Ayine also said plans were in motion to investigate Kofi Akpaloo and his wife for fraud.
Wontumi already in trouble over alleged galamsey
Boasiako is currently standing trial over mining activities on his Samreboi concession without the requisite authorisation.
After his arrest on October 7, Boasiako was granted bail of GH¢15 million with three sureties in the first case against him and GH¢10 million with two sureties in the second case against him.
He and his company, Akonta Mining Company, are accused of engaging in mining operations on their mining concession without obtaining due approval.
In the second case, Boasiako has been accused of mining in the Tano Nimire Forest Reserve without a license and purposely facilitating the unauthorised felling of trees.
Source: Getty Images
The High Court in Accra barred Boasiako from leaving the country as part of his bail conditions.
He has been placed on the immigration stop list at all entry and exit points of Ghana, effectively restricting his travel abroad until the case is concluded.
Illegal mining claims against Wontumi
YEN.com.gh also reported that Akonta Mining had long been linked to illegal mining activities, especially in forest reserves, but Wontumi has denied these claims.
In 2022, the Media Coalition Against Galamsey called for the prosecution of the politician, saying there was evidence that the Minerals and Mining Act had been violated.
Wontumi is accused of having his company mine along the banks of the Tano River, with the coalition also accusing the past government of failing to truly fight illegal mining.
Proofreading by Bruce Douglas, copy editor at YEN.com.gh.
Source: YEN.com.gh
