Business News of 2013-12-20

RLG, others to vomit GH¢55m with interest

Citi News has intercepted a letter, directing the three companies that were advanced monies by the Ghana Youth Employment and Entrepreneurial Agency (GYEEDA), to refund a total of GHC55 million with interest to the state.
According to the letter, the directive follows actions taken by the Minister for Justice and Attorney General, Marietta Brew Appiah-Oppong on the directives issued by President John Mahama.
It further explained that the Attorney General has issued the companies with agreed terms of payment, including what the Department says is the interest to be calculated on the amount.
The affected companies, RLG Communications, Asongtaba Cottage Industries (ACI) and Craftpro have written to the AG accepting her terms for the refund of the monies after a series of meetings with her.
ACI is to refund a total of GH¢41,305,373.80, while RLG has been asked to pay back GH¢7,132,488.38. The last of the three, Craftpro is paying back GH¢7,458,806.39.
The Attorney General is reported to have over the last few weeks, worked to implement a number of directives by the President on issues relating to corruption and malfeasance. A team of lawyers from the AG’s Department is currently working on the reports of the Auditor General, and is believed to span the period 2006 to 2012.
Per the President’s directive, the Attorney General is expected to prosecute where appropriate and also institute measures to retrieve funds misappropriated and captured in the Auditor General’s reports.