Sunday, March 15, 2015

BoG To Investigate Opportunity Savings & Loans Over Gh¢1.2M Telex Free Deal

The Bank of Ghana has started investigations into the controversial GHC1.2 million cedi transaction between Opportunity International savings and Loans Company and Telex free Incorporated, a US based company with subsidiary in Ghana which has gone tart.
Kwame Boateng-CEO Opportunity International
Kwame Boateng-CEO Opportunity International
Opportunity International Savings and Loans (OISL) deal with the Telex Free Incorporated went bad leading to the loss of that colossal amount mentioned above.
The Chief Executive of OISL, Mr. Kwame Boateng in an earlier interview had indicated that the Bank of Ghana was aware of the transaction and they had written officially to the BoG notify them about their loss.
But in a separated interview with the Head of Banking Supervision Unit at the Bank of Ghana Mr. Franklin Belnye last Thursday 26th February 2015, the latter stated clearly that per their last checks on the OISL, there was such no document from the OISL on the said matter and as a matter of fact it was really the first time he is hearing Telex Free and wonder if it was a telecommunications company.
He said not long ago the Bank of Ghana audited the finances of Opportunity International Savings and Loans and prepared a report on it with a copy in his office but never discovered the Telex Free transaction in any of their findings. “This is the First time I am hearing about this.” He said the BoG is going to institute investigations into the matter and get to the bottom of it.
At the heart of this matter is some nine workers who were sacrificed as scapegoats to cover up for the OISL mistake which led to the loss of that Gh¢1.2M.
Meanwhile the freaky twist to this whole matter is that while the CEO of OISL told this paper that it has written to the Bank to notify it that it has lost that amount even though the BoG claims it has no such document from OISL to that effect, the country representative of Telexfree Mrs. Olivia Kwapong has also disclosed to this paper that the US company is already in talks with the OISL on the side to pay back the money on strict condition that OISL retracts its statement that the deal was fraudulent.
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