Court Remands Manager For Misappropriating Funds

An Accra Circuit Court has remanded into prison custody the branch manager of the Badu Kaakyire Agro Chemicals Company Limited subsidiary of Agyare Kaakyire company in Accra, for allegedly stealing GH¢291,032.00 belonging to the Company.

   Eric Agyei, alias Nana Yaw, pleaded not guilty to stealing and he will re-appear on April 27.

   Police Chief Inspector Francis Tassan told the Court presided over by Mr Emmanuel Essandoh that the prosecution witness, Mr George Nsiah is an Internal Auditor of the Agyare Kaakyire Company and resides in Kumasi.

   As part of complainant’s routine checks, Mr Nsiah went to Agyei’s branch on October 13, 2017, to take stock of items in the Company’s warehouse in Accra.

   It was during this operation that he detected that goods worth GH¢291,032.00 had been misappropriated.

   The Prosecution said, when Agyei was questioned, he answered that it was because the system unit of the computer was malfunctioning as a result of a virus infections hence the shortage.

   Mr Nsiah then informed management and an Information Technology expert was assigned to rectify the alleged problem and the auditing put on hold.

   Chief Inspector Tassan said, on November 1, 2017, Mr Nsiah came back to take stock and realised that the shortage had shot up to GH¢292,947.00.

   He said on November 27, an external auditor was tasked to cross-check the books with that of the internal auditor.  

   The prosecution said this time it was done in the presence of two relatives of Agyei.

   The exercise proved that GH¢292,947.00 had been misappropriated and to this he made a part payment of GH¢5,000.00.

   Prosecution said he then asked for time to refund the rest of the money but failed to fulfil that part of the bargain.

   A formal report was made to the police leading to Agyei’s arrest.

   After investigation, he was charged.

Source: GNA