Documents intercepted by your authoritative ABC NEWS has revealed how Seidu Agongo dribbled Bank of Ghana in a clear case of Ghc 30m round-tripping to secure a license to set up now defunct Heritage Bank.
According to the document prepared by Kroll and Associates, Seidu Agongo and partners first applied for a Banking License but it was rejected because one proposed shareholder, Sarago Ltd had failed to show it had sufficient funds by 30th September 2015.
A second application, however, was made and accepted on 16th November 2015.
Explaining in detail how the second application went through, Kroll in its confidential report noted that “Ghc30m paid by COCOBOD to an Agongo owned company moved from one shareholder account to another to provide statements of wealth that appear to show shareholders combined hold Ghc107 in cash”.
The shareholders of Heritage Bank were Seidu Agongo(55%), Sarago Ltd (20), Ms Fatima Adamu(15) and Sylvanus Kotey (10).
Giving a chronology of the questionable bank transactions, the report revealed that on 12th October 2015, COCOBOD paid Ghc37.9m into the account of Alive Industries for the supply of Acati Power insecticide. Alive Industries then transfers Ghc30m from the COCOBOD cash to the account of Sarago Ltd on 21st October 2015. “Sarago then provides a Statement showing this money in its account to BSD”, the report stated.
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