Posted: Tuesday 17th June 2014 at 7:36 am

SSNIT Board to meet over questionable GH¢2.4m payment

3460240x mg uaqc7gfsr4 2134937309504 7375311261353 SSNIT Board to meet over questionable GH¢2.4m payment


A questionable GH¢ 2.4 million paid by Social Security and National Insurance Trust (SSNIT) to Vanef on behalf of STC is high on the agenda of an impending meeting of the Board of Trustees of SSNIT, the BFT has reported.

The meeting of the Board of Trustees is scheduled for the first week of July.

The Board of Trustees of SSNIT are responsible for the policy direction of SSNIT. It has representation from government, employers and workers.

B&FT yesterday reported that Social Security and National Insurance Trust (SSNIT) paid over GH¢ 2.4 million on behalf of Intercity STC (STC) Company Limited to the former owners of STC, Vanef Consortium, to settle a dispute, when in fact Vanef rather owed STC over GH¢2.8 million.

SSNIT, which is the majority shareholder of the ailing transport company, made the payments to Vanef Consortium, represented by Mr. James Owusu Bonsu, the Managing Director, in July and August 2011.

It, however, came out that Vanef was rather indebted to STC to the tune of GH¢ 2,832,204 at the time of payment, an amount which remains outstanding to date.

Vanef’s liability to STC has been in the transport company’s books since 2003.

On July 7, 2011 SSNIT paid Mr. Owusu Bonsu, Managing Director of Vanef Consortium Limited (VCL), an amount of GH¢2,325,006 without the knowledge of STC.

Another payment of GH¢97,247.11 was also made to Mr. Owusu Bonsu on August 24, 2011.

STC in a letter written on July 11, 2013 and signed by its former acting Managing Director, Mr. Charles Thompson, asked for clarifications on these two payments and three others ‘made on our behalf without advice to us.”

SSNIT, however, explained that Vanef sued STC in court seeking various reliefs. SSNIT and its partners then met and decided to settle the case at the pre-trial stage for about GH¢2.4miIlion, apparently oblivious of the fact that Vanef owed STC so much.

Some members of the Board if Trustees thing that f SSNIT was short-changed, Vanef should be made to pay back.

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