Two banks Refund Missing Funds

Business News of Monday, 4 February 2013

Source: GNA

The Ghana Commercial Bank (GCB) and the National Investment Bank have refunded an amount of 387,125 Ghana Cedis that was fraudulently withdrawn from the Gomoa East District Assembly’s accounts at the two banks in 2011 to the Assembly.

Mr Isaac Kingsley Ehunu-Armah, the District Chief Executive (DCE) made this known at a press conference at Gomoa Afransi.

He said some unscrupulous persons managed to withdraw the 300, 000 Ghana Cedis from the Assembly Account at Agona Swedru branch of GCB and 87,125 Ghana Cedis also at NIB in Cape Coast.

The DCE said the amount was refunded following a court action the Assembly took against the two banks.

He said the two banks decided to settle the matter out of court since the fraud occurred as a result of their own negligence.

Mr Ehunu-Armah said the amount was refunded on 10th September, 2012 and 31st December, 2012 respectively and have been paid into the accounts of the Assembly at the banks.

The DCE who was flanked by Mr Michael Tawiah, Presiding Member and Mr Baba Iddi, District Coordinating Director of the Assembly, said the press conference was to clear the air of any misinformation in the minds of the people in the District.

He assured the people that despite the loss of the money the development projects for which the amount was donated for did not suffer any setbacks adding that with refund the projects would be completed on schedule.

Mr Ehunu-Armah expressed gratitude to the two banks for their cooperation with the Assembly in its effort to retrieve the money and hoped that the already existing relationships between the Assembly and the banks would be continued.

The funds which got missing were given by Danish Government to Gomoa East District Assembly to undertake sanitation projects at Gomoa Akwamu.

It would be recalled that in 2011, some concerned citizens of Gomoa East District staged a series of demonstrations against the Assembly on the mysterious disappearance of the 387,125 Ghana Cedis.