U.S.$103 Million Rip-Off @ Bost - MD Orders Probe Into Former Administration

By Inusa Musah.

The Chronicle's investigations have disclosed that the recent brouhaha at the Bulk Oil Storage and Transportation Company Limited (BOST), over the sale of some contaminated fuel product to the tune of five million litres, to a company known as Movenpiina by the BOST Managing Director (MD), Alfred Obeng Boateng, is a result of the interdiction of the former acting General Manager (GM) in charge of Finance.

The new MD, according to The Chronicle's investigations, unearthed a whopping rip off of $103 million, which was stolen from the company through a chronology of systematic dubious deals by the former administration.

One of such systematic fleecing had the former acting GM, Finance, helping in the plot, and his major role was captured in the transfer of a whopping GH¢40.5 million into a fictitious account, in the name of 'Chief of Staff Sundry Account'.

That account was to span over a 13-month period, and The Chronicle's investigations disclosed that the last payment of that money was paid into the account in January 2017, months before the new BOST boss, Alfred Obeng Boateng, took over.

Another systematic chronological thievery The Chronicle unearthed was that a staff of the Trading Department took a product procured by the new MD, worth over US$33 million, and gave it out without the MD's approval, to honour a dubious holding certificate created by the former administration.

The Trading Department staff has also been interdicted to enable management investigate the matter.

The Chronicle observed that under the old BOST administration, an over-priced contract of

US$39 million was awarded to Rolider to build the BOST head office, under sole sourcing.

The new BOST MD, according to The Chronicle's investigations, had directed that the contract be suspended, with Rolider agreeing in principle to cut down the contract price.

Another dubious contract the new MD had called for its suspension, due to over-pricing, was a US$19 million construction of a pipeline from the Accra Plains Depot to the Akosombo Depot.

Albeit the pipeline was lying in the United States of America, the former MD signed the contract to commit BOST.

Another mind-blowing revelation was that BOST, under its former management, paid US$50,000 monthly over a period of three years to Merson Capital to source funds for BOST to embark on projects, in spite of the fact that Merson Capital, since July 22, 2014, had failed to bring even a cedi to BOST, after the former MD signed the contract with them.

Shockingly, the former BOST MD paid what was called 'success fees' of US$89,000 to Merson Capital, for the mere fact that the company arranged a meeting with a supposed investor, which never materialised.

The total sum of money that BOST, under its former management, paid Merson Capital for the three-year period was a monstrous US$1,800,000.

Lastly, the off-spec product, which has raised a lot of concern and fear to vehicle owners especially, occurred in January this year, when the new MD, Alfred Obeng Boateng, had not assumed office.

Following the gruesome rot he inherited at BOST, and thus his clean-up of the installation, which is causing limbs from varying fronts to profusely shiver, the new BOST administration, The Chronicle gathered, has resulted in the recent attacks on the new MD.

And in an attempt to smear Mr. Boateng, the shivering limbs, who are claiming that the off-spec product which was sold, but has allegedly found its way onto the Ghanaian market, have not been able to name any filling station selling the product.

The Alfred Obeng Boateng management told The Chronicle that detractors are using the off-spec product sales, which is part of their normal trading activity, to create an impression that the new MD had committed a crime.

But the management said all attempts to destabilise the new MD to shift his focus from the right things, would not stand the test of time.

The management elucidated that off-spec products are used by steel, garment and petro-chemical companies to run their machinery, and certainly not for running vehicle engines.

"It can also be used as mixture for asphalt and turpentine to prevent the decay of wood. We, therefore, cannot fathom how possible off-spec products could be sold to unsuspecting consumers for whatever reason," the management members, who did not want their names to be disclosed, told The Chronicle.

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