The Criminal Investigations Department (CID) and the Economic and Organized Crime Office (EOCO) are expected to probe former officials of the Precious Minerals Marketing Company (PMMC) during the tenure of ex-President John Mahama over an alleged GH¢50 million ‘dubious’ debt.
Newly-appointed Managing Director of PMMC, Dr Kwadwo Opare, made this known during the inauguration of the reconstituted eight-member governing board of the company in Accra on Friday.
According to him, massive rot had been uncovered at PMMC under the leadership of George Abradu-Otoo, who is ex-President Mahama’s ‘darling boy.’
This, according to him, had compelled the current management to consider referring the cases to the CID and EOCO for thorough investigations.
He said preliminary investigations by the new management revealed that PMMC had GH¢50 million questionable debt.
The debt, he said, was incurred from 2013 to 2017.
The moneys, according to him, were reportedly borrowed from banks by the previous management of PMMC for “trading.”
“They borrowed money from the banks and they were not paying back and then the interest accumulated,” he said.
“How can you borrow to trade and then you make losses, continue to make losses and you continue to trade? That is the question we should ask,” the MD queried.
According to him, several receipts and documents at PMMC showed that some of the funds were wrongly invested.
Dr Kwadwo Opare alleged that about $2 million had been invested into the purchase of a diamond polishing machine for PMMC, claiming that the machine was left to rust after a short period of time.
Daily Guide had earlier reported about the said diamond polishing machine and other alleged shady deals at PMMC, which included the non-repatriation of mineral proceeds to the country by foreigners, particularly Indians and Chinese who exported gold through PMMC during the tenure of Mr Abradu-Otoo.
Mr Abrado-Otoo denied any wrongdoing in an interview with the paper in 2015.
But the current MD insists that there was serious financial malfeasance at PMMC which had made it difficult for the company to pay its staff.
The Board
The Deputy Minister of Lands and Natural Resources, Barbara Oteng-Gyasi, inaugurated the board for PMMC, which is chaired by the former Member of Parliament (MP) for Akwatia, Kiston Ohemeng Kissi.
The other board members include Dr. Kwadwo Opare-Hammond, Kofi Mensah Dametsia, Alhaji Musah Fuseini, Nana Kwesi Awuah, Emefa Janet and Lawyer Komla.
Task
The deputy minister tasked the newly-inaugurated board to turn around the fortunes of the ailing company, saying, “You have to adopt a paradigm shift to add value to your products.”
Mr Ohemeng Kissi, on his part said, “I love challenges, this is because when there are victories, they feel well earned.”
He also bemoaned the deplorable state in which the former management left the company.
“PMMC is in coma and needs to be revived; my colleagues and I would be up to the task. We would transform this company into a profit-making and a dividend-paying company,” he stated.
Source: Melvin Tarlue & Akpene Darko-Cobbina/Daily Guide
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Common sense does come for most of you because reading things NDC is mentioned in the rest is insult , The paper choose to use NDC to sell its paper but i think some of you will see the business aspect in the writeup but all of you failed , you just jump to Attack the party insted of attack the individuals who have done those wrongs .
The NDC party was set up and natured to master mind stilling fuelled by krinminal minds led by JJ Rawlings and others including this Tsikata siblings; the Ahowoi brothers and ET Mensah and others; the party was set up in the image of their founder JJ Rawlings on grounds of envy and the desire to be rich over night ; the NDC party NDC was full of educated illiterates including uneducated 'riff-raffs' who potrayed their services as aimless 'macho-men in society ; the party came to power led by Jon Mahama purposely to still ; the art of stilling and siphoning off funds fro the state was encouraged and master minded by Jon Mahama ;Jon Mahama was aware of all the shady deals and like the 'mafia don'took a a share of any destole booty intiated by the heads of each state business; make no mistake investigation by EOCO will lead to the door of JOn Mahama evetually .
No sector of the Ghanaian economy was spared by the kleptomania of John Mahama and his NDc.How can anyone run a country like that?I hear Mahama wants to come back. To do what?This guy is by far the worst leader this country has ever had. In fact using the yardstick by which then Flight Lt, Jerry John used to execute Akyeampong and Co, this Mahama guy would have been shot a thousand times over.
I guess the best way is to reform the party and change it name. Period. Ghanaians will not for give them. It will soon be unattractive like PNC, CPP, GCPP and Akua Donkor party. PPP can be the next responsible opposition party to challenge NPP.
We need new strong opposition party to take over NDC otherwise they will be in opposition for a while.
NDC party must collapse as they collapsed Ghana economy within the last 8yrs with corruption. They have to pay daily for it.