Two persons are before an Accra Circuit Court for allegedly embezzling GH¢864,000 belonging to Massatorn Capital, a financial firm in Accra.

Eugene Boadi, a 42-year-old General and Operations Manager of Massatorn Capital is alleged to have embezzled GH¢844,000, while Ebenezer Kankam-Boadu, an unemployed man, is accused of stealing GH¢20,000.

Boadi who is also a student and a businessman and Kankam-Boadu have been jointly charged with conspiracy to steal and stealing.

They pleaded not guilty before the court presided over by Mrs Evelyn Asamoah.

The court granted Boadi bail in the sum of GH¢800,000 with three sureties, two of whom need to be justified with landed property.

He was also directed to deposit his passport at the Court’s Registry.

Kankam-Boadu was granted bail in the sum of GH¢70,000 with two sureties.

The accused persons are expected to reappear before the court on September 20, 2023.

The prosecution, led by Assistant Superintendent of Police (ASP) Emmanuel Haligah, stated that the complainant, who resides in Accra, is the Chief Executive Officer of Massatorn Capital.

Boadi and Kankam-Boadu reside at Madina and Newtown, respectively.

According to the prosecution, the complainant hired Boadi as General and Operations Manager of his company in 2019 on the recommendation of one Eric Ofori Akyem.

Boadi’s responsibilities included overseeing the company’s daily operations, liaising with cashiers, and approving credit facilities for the company’s customers.

The prosecution informed the court that because the complainant was not a regular in the nation, he entrusted the company to Boadi.

The prosecution said the complainant attempted to engage Boadi on multiple occasions to provide an account or disclose the company’s financial position, but such efforts were futile.

It stated that the complaint engaged an audit firm in April 2021 to undertake an audit for the period between February 2019 and April 2021.

Following the audit, it was discovered that Boadi had defrauded the company of GH¢769,060.

Boadi was arrested on March 11, 2022, and he denied misappropriating the company’s funds.

He however did admit using company funds to acquire a Volkswagen Van for commercial purposes.

It was further established that Boadi employed Kankam-Boadu without the complainant’s knowledge and consent and that he paid him a monthly salary of GH¢1,000.00. 

The prosecution said investigations indicated that the two accused colluded and stole GH¢40,000 from the company’s account, splitting it equally.

According to the prosecution, further investigations showed that on January 20, 2021, Boadi used GH¢55,000.00 to buy a VW Van with registration number GS 3343-21 without the complainant’s approval.

It stated that on June 22, 2021, the two accused persons acquired a parcel of land at Amasaman at GH¢20,000.00 each with the GH¢40,000.00 they took from the company’s account.

The prosecution said the police retrieved the VW Van and two indentures in the name of Boadi and Kankam-Boadu.

Source: GNA