The Management and Board of BCM International Limited have stated their readiness to pursue legal action to recover all their property from the former administration of the company.
The company is expected to file complaints with relevant authorities to recover the misappropriated funds and seek sanctions against a former Director cum Board Member.
A statement copied to the Ghana News Agency on Friday in Accra described the act of the former administration as a criminal misuse of company funds, which violated her obligation to act in the best interest of BCM International Ltd.
The statement said a former dual-role board member and Director of BCM International Ltd, was still being pursued for embezzling millions of dollars from the company for personal gains between 2019 and 2020.
It said an internal audit indicated that a subordinate at the time was instructed to execute unauthorized transfers from BCM International Ltd’s accounts to various entities.
“The transactions, totaling approximately $8 million equivalent, are alleged to have no connection to company operations or legitimate business dealings”.
The audit revealed that out of the above figure, a total amount of €1,900,000 had been transferred in various tranches to a Corporate and Legal Concept.
“The CEO and board chairman, who were unaware of the transactions, have confirmed that no approvals were granted for the transfers.
“Further investigations found that the transactions were executed under the pretext of official business but were, in fact, for personal investments”.
Source: GNA
The post BCM to recover funds and property through legal means appeared first on Ghana Business News.
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