Tema, June 01, GNA - The Managing Director of Osei Research Centre Limited, producers of educational materials has been granted 60 million cedis bail when he was arraigned at the Tema Circuit Court "A" for failing to pay to SSNIT contributions of 28 million cedis deducted from salaries of the company's workers.

Isaac K. Osei pleaded guilty and the court gave him a month to complete the payment. He will reappear on June 6.

Mr Sam Owusu-Anim, SSNIT Area Prosecutor told the court presided over by Mr Charles Asiedu that, Osei Research Centre, located at Teshie in Accra, was registered with the SSNIT.

Inspection conducted on the establishment from July to October 2003 revealed arrears of 41,249,108.63 cedis made of 28,120,917 cedis being the actual contributions and 13.1 million cedis representing the three percent cumulative penalty imposed for non-payment of the contributions for the period.

He said despite numerous demand letters served on the Managing Director, as well as several contracts on him to demand settlement of the amount, the accused failed to honour his obligations. Mr Owusu-Anim said the last payment the accused made in June 2002 was 40 million cedis. 01 June 04