Three Rural Bank officials indicted over alleged fraud

A two-year forensic audit conducted by Nexia Debrah and Co, an accounting firm, engaged by the ARB Apex Bank to verify the status of the accounts of the Akyempim Rural Bank has led to the indictment of three officials.

The three former top officials are being held for fraud which occurred from 2010 to the second quarter of 2015 and has led to liquidity crisis of the bank.

They are General Manger, Jacob Wellington Assan; Operations Manager, Frank J.K. Baah and Credit Manager, Nifah Owuba.



Interim Chairman of the Board of Directors of the bank, Alex Coffie said this at the 30th Annual General Meeting (AGM) of the shareholders of the bank at Gomoa Dawurampong.

The alleged fraud acts were detected by the audit team after the bank could not even pay salaries of government workers and other clients.

Mr Coffie said Mr Assan and Mr Baah were interdicted shortly after findings were made known.

The Board Chairman said Mr Owuba together with several other staff of the bank who were involved in fraudulent activities have been also dismissed.

Mr Coffie said the bank has decided to arraign the three officials before the court to retrieve the missing funds.

You might also like More from author

Leave a comment