Home   >   Business   >   Business News   >   201406
SSNIT Board To Meet Over Questionable GH2.4m Payment   
 
  << Prev  |  Next >>
 
17-Jun-2014  
Comments ( 0 )     Email    Print
       
 
 
 
 
 
Related Stories
 
A questionable GH2.4 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 GH2.8 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 GH2,325,006 without the knowledge of STC.

Another payment of GH97,247.11 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 GH2.4miIlion, apparently oblivious of the fact that Vanef owed STC so much.

Some members of the Board of Trustees think that if SSNIT was short-changed, Vanef should be made to pay back.
 
 
Source: B&FT
 
 

Comments ( 0 ): Post Your Comments >>

 
 
 
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
 
 
Featured Video