Posted: Thursday 12th June 2014 at 15:39 pm

Corruption Scandal Rocks NTHC

6360240x mg nthcmd Corruption Scandal Rocks NTHC

Dr. A.W.Q. Barnor – MD of NTHC



Dr. A.W.Q. Barnor – MD of NTHC
Some senior officers of National Trust Holding Company Limited (NTHC), a leading investment firm in the country, have been accused of engaging in corrupt practices.

The Managing Director, Dr. Albert Walter Quarcopome Barnor and Head of Corporate Finance & Research Francis Kwabla Nyoagbe, as well as some board members of the NTHC, who have been accused of allegedly ‘dissipating public funds, were particularly cited in the petition by some disgruntled staff of the company.

The disgruntled staff have petitioned virtually all anti-corruption institutions in the country, as well as the presidency to conduct investigations into the conduct of the senior officers of the company.

The situation is said to be creating tension between the staff and management of the company.

A petition, widely circulated by the staff, led by one Sampson Danso, said some of them have been dismissed ‘for expressing their concerns about the massive corruption, personal aggrandizement and dissipation of public funds at NTHC.’

The petitioners claimed the MD and his group made 52 percent overpayment on office land purchased at $1.7 million instead of the official valuation of $730,000.00, as well as the purchase of MD’s office table at GH¢43,700.00.

They said a board member of the NTHC, Kodwo Edisi Ampofo, was paid GH¢5million as fees for permanent consultancy to the same company.

The MD was also accused of ‘siphoning and illegal transfers from the company’s foreign accounts (Bank of America) amounting to more than $3,540,000.00.’

The petitioners further alleged that the company’s Mercedes Benz E-Class car was given to MD’s wife and his monthly salary was increased from GH¢7,000 to GH¢31,000, adding that GH¢30,000 was paid as bonus to each board member in 2013.

The MD and the board, they claimed, granted unjustifiable loans to some board members with some failing to repay.

They alleged that the officials misapplied GH¢40 million received from SSNIT for discounting LBC’s on Cocoa Taken Over Receipts (CTORs).

They also accused the MD of spending GH¢2.5million on foreign travels for the yet to be sourced US$3 billion Chinese loan and also operated rival company to NTHC.

The petitioners said during the acquisition of new Head Office Building Opposite the British Embassy (Gamel Abdul Nasser Avenue, 6th Ringway), a friend to Mr. Nyaogbe was granted a Commercial Paper loan by NTHC to acquire the building and after receiving the funds the client resold the building to NTHC.

They said in December 2013, the company took GH¢27 million loan from National Investment

Bank (NIB) Limited to purchase NIB’s stake in TOTAL Company Limited and the share transaction carried out on the Ghana Stock Exchange (GSE) amounted to GH¢20 million.

They called for investigation to unravel the mystery behind the usage of the extra GH¢7 million.

‘The management of the company can be said to be in the hands of three people namely Mr. Kodwo Edisi Ampofo, Dr. A. W. Q. Barnor and Mr. Francis Kwabla Nyoagbe.’

NTHC has four main subsidiaries in properties, securities, commodities and registrars and the shareholding currently stands at Social Security & National Insurance Trust (SSNIT) 43%, National Investment Bank Ltd (NIB) 20%, SIC Company of Ghana 20%, AcreCon Limited, represented by Mr. Ampofo 12% and NTHC Staff Provident Fund with 5%.

By William Yaw Owusu
 
 
 
 
 
 

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