General News of Thursday, 22 March 2007
Source: Ghanaian Times
Trouble is brewing at the Kuapa Kokoo, a licensed cocoa purchasing company in Kumasi, over an alleged embezzlement of ¢81 billion by some management members. The amount should have reflected in the company’s 2004/2005 audited accounts but did not, resulting in a dispute between the Board Chairman and other shareholders on one hand and the company and the Managing Director, Kwabena Ohemeng-Tinyase on the other.
The Board Chairman, Nana Kwadwo Appiah-Kubi, said that the account was not subjected to board discussion for approval, and although he did not endorse it, the accounts strangely bore his signature. Contending that the signature was not his, Nana Kwadwo Appiah-Kubi, said that the account was not subjected to board discussion for approval, and although he did not endorse it, the accounts had his signature.
Contending that the signature was not his, Nana Appiah-Kubi has sued the company and the Managing Director at a High Court here where the case was heard last Wednesday, March 14, and was adjourned to April 18. Two farmer-shareholders of the company, John Manu and Lawrence Ackah Santana from Sankore and Sefwi Wiawso, respectively, who joined the board chairman in the suit, were picked by the police at the court premises and allegedly detained overnight.
They have also asked for an order declaring null and void and of no legal effect the audited accounts. According to the statement of claim, on August 14, 2006, an inconclusive election was held in Kumasi to elect representatives of the Kuapa Kooko Farmers Union to the National Executive Council (NEC).
At the meeting the Managing Director as required of him decided to read the Director’s report of which allegedly contained the falsified audited accounts. However, there was commotion at the meeting resulting in the walking out of the Board Chairman and other shareholders from the meeting.