Former MASLOC CEO Sedinam Tamakloe Jailed 10yrs and COO Daniel Axim Jailed 5yrs for Financial Misconduct

former masloc ceo sedinam tamakloe jailed 10yrs and coo daniel axim jailed 5yrs for financial misconduct

Former MASLOC CEO Sedinam Tamakloe and former COO Daniel Axim have been handed prison sentences 10 years and 5 years respectively for their involvement in financial irregularities.

This judgment follows their conviction on 78 counts related to causing financial loss to the state, theft, conspiracy, money laundering, and violating public procurement laws.

Trial Proceedings of Former MASLOC CEO Sedinam Tamakloe and former COO Daniel Axim

The trial, which commenced in 2019, saw the prosecution present evidence and call six witnesses. While Tamakloe was tried in absentia due to her departure from the country for medical reasons, Axim appeared in person but did not present any witnesses in his defense. The charges against them stemmed from actions taken during their tenure at MASLOC between 2013 and 2016, involving the misappropriation of funds earmarked for various initiatives.

Details of Misconduct by Former MASLOC CEO  and former MASLOC COO

Among the instances of financial misconduct highlighted in the trial, Tamakloe and Axim were found to have withdrawn GHc 500,000 as a loan for Obaatampa Savings and Loans but demanded a refund when the terms were not met. Additionally, they were convicted of misappropriating over 1.7 million Ghana cedis allocated for a sensitization exercise, with only a fraction of the funds being used for its intended purpose. Similarly, funds intended for disaster relief and vehicle purchases were allegedly diverted, with evidence suggesting inflated prices paid for these acquisitions.

Despite evidence of refunds being made to Tamakloe and Axim, discrepancies were noted in the financial records of MASLOC, indicating a failure to accurately account for these transactions. This failure to reflect refunds raised further concerns about the transparency and integrity of the financial management practices within the organization during their tenure.

The misappropriation of funds meant for MASLOC initiatives had a direct impact on beneficiaries, as evidenced by the limited disbursement of funds to intended recipients. For example, only a fraction of the funds allocated for disaster relief at Kantamanso was distributed to victims, while the majority remained unaccounted for, highlighting the detrimental effects of financial misconduct on vulnerable communities.

Further scrutiny revealed discrepancies in the pricing of vehicles and electronic devices purchased by MASLOC under Tamakloe and Axim’s leadership. Despite being bought in bulk, evidence suggested that these acquisitions were made at prices higher than the prevailing market rates at the time, raising questions about the justification for these expenditures and the management of public funds.

The adjudication and sentencing of Tamakloe and Axim serves as a reminder of the importance of accountability and transparency in public institutions as most Ghanaians express big relief with respect to the embezzlement of state funds, opining that most political bigwigs abscond punishment due to their political influence.

Private legal practitioner, Martin Kpebu has weighed in his opinion as he mentions emphatically that change of government every 8-year term could help in revealing the rot and the embezzlement of state funds and prosecution thereof adding that all political parties exhibit same behaviours with their members and that is significantly costing the nation.

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