Business News of 2014-01-08

No money has been siphoned from our vaults - GCB

Ghana Commercial Bank (GCB) has denied alleged siphoning of funds from its vaults.
A statement issued by the bank’s management on Tuesday said no fund had been siphoned from the vaults of the bank.
“We wish to assure our loyal customers and the general public that there is no cause for alarm as no funds have been siphoned from the vaults of the bank. Our customers’ deposits are safe and the bank’s vaults are very secure,” the statement said.
The statement explained that the bank rather noticed some unusual withdrawals over the counter by some customers in certain branches and took immediate steps to confirm the genuineness of the transactions.
It said the bank therefore arrested culprits and added that the police and EOCO were collaborating with its management to investigate the incident.
It said EOCO to that effect issued a letter to the bank authorising it to freeze the accounts on which the suspicious transactions were carried out.
The statement said it was pleased with the speed with which the incident was detected and dealt with.
It also assured the public and its customers that the bank continued to invest in its technology infrastructure to ensure that appropriate controls were in place to prevent or speedily detect fraudulent incidents such as these.
The statement however, said reports by the media saying that the incident occurred with the connivance of the bank's IT department had not been established; and urged the media to collaborate with law enforcement agencies in other not to jeopardise the investigation.
It also thanked all stakeholders, informants and law enforcement agencies who worked with the bank to bring the issue under control.