Wontumi Farms and its directors will be prosecuted by the Attorney General for GHS24 million EXIM Bank fraud.

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The state will pursue Wontumi Farms and its directors for alleged financial crimes involving the Ghana Export-Import Bank, according to Attorney General and Minister of Justice Dr. Dominic Ayine.

Dr. Ayine claims that the Economic and Organised Crime Office’s investigations have found enough evidence to back up accusations of forgery, defrauding by false pretences, and causing financial harm to the state.

As of right now, the alleged loss is GHS24,255,735, which includes the principal amount plus interest.

The Attorney General told the media in Accra on Monday, December 22, that compound interest might cause the total sum to increase even more before official charges are brought.

He stated that once EXIM Bank confirms the precise amount owed, prosecution will start after Christmas.

“In the face of the evidence we have gathered in this investigation, thoroughly conducted by EOCO, we have made the decision to prosecute Wontumi farms and it’s directors with defrauding by false pretences, forgery and causing financial loss to the state in the sum of GHS24,255,735.”

“This figure represents the principal sum plus the interest that has accrued so far. By the time we file charges which will be definitely after the Christmas break it might be that this figure would have increased because the interest on the principal keeps compounding.”

“So we will get the exact figure of the amount that is involved in this criminal enterprise from the EXIM bank before we file charges in court.”

The decision to prosecute comes after EOCO investigated into a loan transaction involving Wontumi Farms and its director, Chairman Wontumi.

Dr. Ayine earlier revealed that the business used a falsified document to obtain a GHS4 million loan from EXIM Bank.

Source: newsthemegh.com