C300 million Blown at SIC

Investigations carried out by the "Ghanaian Voice, " a Accra-based private newspaper into the operation of the Ashanti Regional branch of the State Insurance Corporation (SIC) pointed out the two top management officials of the corporation, Nana Oduro Agyeman, Area Manager and Mr. Quayson Administrative Manager have ‘blown’ an amount of 300 million cedis.

The amount however represents the imprest, which was released by the head office to meet miscellaneous among other expenses at the Regional office. It was also noted that, following the detection of the alleged 300 million misappropriations, the two alleged officers have been interdicted pending investigations to unearth how the deal took place.

So far to ensure the effective and normal running of the corporation, the head office has dispatched a new acting Area Manager, Mr. Asamoah who assumed office on Monday Nov. 12, 2001. Facts relating to the scandal have it that, Mr. Quayson Regional Manager of the SIC branch at Koforidua in the Eastern Region was allegedly transferred to Kumasi to head the administrative department of the outfit, whilst Nana Oduro Agyeman was at his usual post as Area Manager.

The source alleged that when Quayson assumed office an undisclosed amount was entrusted into his care to meet certain demands of payments including miscellaneous.

Information gathered revealed that, in the course of discharging his duties, Mr.Quayson in collaboration with Nana Oduro Agyeman allegedly prepared various fictitious vouchers as C300 million, which was detected by the Internal Auditors.

When the "Ghanaian Voice " team went to the outfit on fact-finding mission, the officials were tight lipped whilst the junior officers were smart to give insufficient details of the deal.

Mr. Asamoah, the new Area Manager told the paper that officials of the State Insurance Corporation are restricted to give information about the outfit to the press.