Information reaching Rainbowradioonline.com indicates that national security operatives have stormed the residence of former director of Gihoc Distilleries, Maxwell Kofi Jumah, with the aim of effecting an arrest but unfortunately met his absence.
Details available indicate that the former appointee of former President Akufo-Addo is being pursued by state security over alleged financial malfeasance and purchase of state vehicles while he was at the state-owned company.
Available information reaching this website disclosed that pursuant to the Condition of Service of the Managing Director, the Board of Directors, by a letter dated August 1, 2019, approved the purchase of the salon car (Genesis G90) with registration number GE 86 22-19.
The car with an original price of over $100,000 was sold to Mr. Jumah at five per cent of the total value of Ghc4,943.11, which was captured in a letter signed by company secretary and head of administration Apea Twumasi-Ankrah.
Valuation of the vehicle from the sources was done by the State Transport Corporation, with a response sent to Mr Jumah on September 13, 2021.
The engine capacity of the vehicle, per information this website has received, was cc: 3300, while the chassis number of the vehicle is captured as KMHG34JXJU039991.
The model of the vehicle is 2018, with a mileage of 38971 km and a seating capacity of five.
Per the technical inspection report, the engine and transmission conditions, the condition of the body of the vehicle, suspension, brakes and steering, electricals and factory-fitted accessories were all rated as GOOD without a maintenance history.
The final remarks were made with regard to the condition of the vehicle, which was ‘’THE VEHICLE WAS IN GOOD CONDITION’’, with Daniel K. Orhin as the valuation officer with certification number 0014073 with an estimated market value of GH₵98,862.00.He has also faced allegations of departing office with two official vehicles, including an Audi valued at over $60,000, without Board approval.
According to reports, he informed security officials of his intention to return the vehicles to the state, stating that his son had been using one of them.
However, security officers have successfully transported one of the vehicles back to Accra.
The former Gihoc boss allegedly inflated the company’s workforce, contributing to its current financial constraints.
Furthermore, he has been accused of selling GIHOC properties in Tema worth over $700,000.
Background
GIHOC Distilleries Company Limited is facing significant financial challenges, with reported losses of GH₵25.1 million in 2022 and GH₵25.5 million in 2023.
The total losses are anticipated to surpass GH₵50.6 million pending the 2024 audit.
President John Dramani Mahama has expressed concern over the company’s financial struggles, questioning how a company producing alcohol in high demand could incur such substantial losses.
He noted that GIHOC was profitable during his presidency and highlighted the inconsistency of a liquor-manufacturing company reporting losses despite consistent demand.
Addressing workers during the May Day parade at Independence Square in Accra on Thursday, May 1, President Mahama asked, “How can you sell alcohol and still be in debt? When I was president, GIHOC was making a profit. Ghanaians drink alcohol when we’re happy, and we drink alcohol when we’re sad—so how can an alcohol-manufacturing company be making losses?”
His comments follow disclosures by Finance Minister Dr Cassiel Ato Forson, who confirmed the company’s losses in 2022 and 2023 during a meeting on March 13 with Chief Executives of state entities under the State Interests and Governance Authority (SIGA).
The minister confirmed that GIHOC recorded losses of GH₵25.1 million in 2022 and GH₵25.5 million in 2023.
Maxwell Kofi Jumah, the former Managing Director of GIHOC, was dismissed in January this year.
By: Rainbowradioonline.com/Ghana
