The McDan Group of Companies is facing financial scrutiny as the Financial Intelligence Centre (FIC) launches a probe into transactions conducted by the conglomerate from January 2020 to December 2024.

The investigation aims to uncover potential violations related to anti-money laundering laws.

In a confidential document obtained, the FIC has formally requested detailed records of payments made by the McDan Group within the stated period.

These include electronic fund transfers, cheques issued to third parties, and the financial institutions involved in the transactions.

The FIC’s request is grounded in Sections 36 and 37 of the Anti-Money Laundering Act, 2020 (Act 1044), signaling the seriousness of the inquiry.

The conglomerate, owned by prominent businessman Daniel McKorley, spans industries ranging from shipping and aviation to logistics. However, its subsidiaries, including Electrochem Ghana Limited, have not been without controversy, drawing media attention over the years.

This investigation unfolds as the FIC intensifies efforts to combat money laundering and terrorist financing under the leadership of Ing. Kwadwo Twum Boafo.

The Centre has ramped up initiatives to address financial malpractices, reportedly imposing an embargo on accounts linked to Bernard Antwi Boasiako of Akonta Mining fame.