MASLOC is a fraudulent setup by politicians – Richard Kumadoe

A renowned security consultant, Richard Kumadoe says the Microfinance and Small Loans Centre (MASLOC) is a fraudulent setup by politicians.

This follows former Chief Executive Officer (CEO) of the MASLOC, Sedina Christine Tamakloe Attionu, and interdicted Head of Operations, Daniel Axim have been jailed for a combined 15 years in prison.

Per the sentence of Justice Afia Serwah Asare-Botwe, Mrs Sedina Tamakloe Attionu is jailed for 10 years while Daniel Axim was jailed for five years.

The court also imposed fines on each of the convicts.

Commenting on the matter on Morning Starr with Francis Abban, the security consultant disclosed that the current MASLOC boss must be a worried person following the sentencing of the former head of the entity.

“The structure itself is fraudulent, the disbursement procedure is fraudulent, there is no recovery plan, there is no accountability and there is no regulation around it. So what politicians have virtually done is to set up a political fraud entrapment for themselves.

“Today if you consider the current MASLOC boss, she should be worried and I seriously believe she will be worried. Because the whole structure and setup have so many loopholes, it’s total fraud politicians set for themselves,” he added.