The Economic and Organised Crime Office (EOCO) after concluding their independent investigation into the failed microfinance institutions, has recommended the Attorney General of Ghana to prosecute the shareholders of the affected Savings and Loans Institutions together with Microfinance institutions.
The investigation by EOCO found the shareholders, directors or management of the defunct Savings and Loans Companies, Finance Houses, and Microfinance Institutions, liable for specific cases of suspected financial crimes, thus, directed the Attorney General to prosecute them as soon as possible.
EOCO indicated that, following an emerging trend observed by the Bank of Ghana (BoG) over the last few years, BoG has since October 2020, submitted five (5) separate requests to EOCO for investigations into claims of persons (individuals, businesses, and law firms acting on behalf of clients) who have persistently made claims on the BoG to the effect that certain large sums of money purportedly remitted to them by foreign counterparties through the banking system have been withheld by BoG.
“These claimants often attached documentation alleged to be messaging from the SWIFT international funds transfer system, as proof of the receipt and retention of their funds by BoG. Following BoG’s preliminary investigations which have shown that these claims are fake, BoG has referred such matters to EOCO for further investigation. EOCO has made significant progress in these investigations and has initiated prosecution in some of these cases, while investigations in other cases continue.”
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Offenders to Be Punished
The Economic Organized Crime Office, thus, assured that with the cooperation from the Attorney General’s Department, those found culpable will be swiftly prosecuted for their role in the failure of these financial institutions. EOCO further revealed that it has already confiscated the assets of some of these institutions involved.
“EOCO continues to work with the Attorney General’s Department towards speedy prosecutions of persons suspected to have been complicit in the failures of these institutions.
“In the meantime, EOCO has frozen and/or impounded some assets of such persons to help with reimbursements of the claimants of the defunct institutions.”
Statement
the Economic Organized Crime Office indicated its preparedness to work in hand with the Bank of Ghana and the Attorney General to restore trust in the banking industry.
“EOCO continues to deepen its collaboration with BoG and other law enforcement Agencies in the country, to help promote financial integrity and trust and confidence in our banking system.”
Statement
It can be recalled that the Central Bank in its public notice in 2019, announced the revocation of the licences of certain defunct financial institutions such as: Savings and Loans Companies, Finance Houses, and Microfinance Institutions. The Central Bank cited a number of potentially criminal actions on the part of these institutions and their shareholders, directors or management, as the case may be. Following further investigations into the failure of these institutions by the Receivers appointed by BoG, these cases were referred to EOCO for advice.
EOCO accordingly, conducted independent investigations into a number of the cases and has made recommendations to the Attorney General’s Department for consideration and possible prosecution.
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