SFO Freezes Dr. Boadu's Assets

THE SERIOUS Fraud Office (SFO) has frozen the assets and bank accounts of the elusive Dr. Frederick Owusu Boadu, a lecturer at the O &M University in Texas, United States of America (USA).

In a press statement dated November 7, (yesterday), the SFO disclosed that it has been investigating the involvement of Dr. Boadu in various consultancy contracts supposedly awarded by the Ministry of Finance by Mr. Victor Selormey, a former Deputy Minister of Finance.

“In connection with the investigations, the SFO has frozen all assets of the said Dr. Fred Boadu”, the statement affirmed.

The acting executive director of the SFO, Mr. Theophilus Cudjoe, signed the statement.

He cautioned the public against dealing with any of the frozen assets of Dr. Boadu, noting that “no person may deal with any of the frozen assets which include all bank accounts in Dr. Boadu’s name or in the name, of any company or enterprise in any movable or immovable asset in which Dr. Boadu has an interest”.

Meanwhile, the public has been asked to be careful in dealing with any assets of Dr. Boadu, and in particular, a house advertised for sale or rent on Page 20 of the Daily Graphic of November 2, 2002.

According to the SFO, it knows that the house being offered for sale belongs to Dr. Fred Boadu.

It will be recalled that in the trial of Victor Selormey, the former Deputy Finance Minister, who is serving an eight-year jail term for causing a $1.2 million loss to the state, the name of Dr. Frederick Owusu Boadu featured prominently in the country’s Courts’ Computerisation Project. Monies were purported to have been paid to a Dr. Boadu of O&M University in Texas.

Efforts by the defence team led by Johnny Quarshie-Idun for Dr. Boadu to testify were fruitless, as he became elusive and all efforts to track him down were unsuccessful.

At the on-going trial of Mr. Dan Abodakpi, MP from Keta and former Minister for Trade and Industry, and Victor Selormey, Dr. Boadu’s name has again surfaced as the person into whose accounts at Ecobank monies were transferred.

Led in evidence by the Assistant State Attorney, Mr. Anthony Gyambiby, a prosecution witness, Mr. Kwame Akaba of Ecobank (Ghana) told the court that ?2.7 billion was transferred into Dr. Fred Boadu’s accounts upon the instructions of Victor Selormey.

The monies, according to witness, were disbursements out of the Trade and Investment Project (TIP) fund, initiated by the ministry.

He said between May and December 2000, Ecobank received two letters from the Ministry of Finance signed by Victor Selormey, ordering the disbursement out of the TIP fund to Dr. Boadu towards the commencement of a feasibility study.

THE SERIOUS Fraud Office (SFO) has frozen the assets and bank accounts of the elusive Dr. Frederick Owusu Boadu, a lecturer at the O &M University in Texas, United States of America (USA).

In a press statement dated November 7, (yesterday), the SFO disclosed that it has been investigating the involvement of Dr. Boadu in various consultancy contracts supposedly awarded by the Ministry of Finance by Mr. Victor Selormey, a former Deputy Minister of Finance.

“In connection with the investigations, the SFO has frozen all assets of the said Dr. Fred Boadu”, the statement affirmed.

The acting executive director of the SFO, Mr. Theophilus Cudjoe, signed the statement.

He cautioned the public against dealing with any of the frozen assets of Dr. Boadu, noting that “no person may deal with any of the frozen assets which include all bank accounts in Dr. Boadu’s name or in the name, of any company or enterprise in any movable or immovable asset in which Dr. Boadu has an interest”.

Meanwhile, the public has been asked to be careful in dealing with any assets of Dr. Boadu, and in particular, a house advertised for sale or rent on Page 20 of the Daily Graphic of November 2, 2002.

According to the SFO, it knows that the house being offered for sale belongs to Dr. Fred Boadu.

It will be recalled that in the trial of Victor Selormey, the former Deputy Finance Minister, who is serving an eight-year jail term for causing a $1.2 million loss to the state, the name of Dr. Frederick Owusu Boadu featured prominently in the country’s Courts’ Computerisation Project. Monies were purported to have been paid to a Dr. Boadu of O&M University in Texas.

Efforts by the defence team led by Johnny Quarshie-Idun for Dr. Boadu to testify were fruitless, as he became elusive and all efforts to track him down were unsuccessful.

At the on-going trial of Mr. Dan Abodakpi, MP from Keta and former Minister for Trade and Industry, and Victor Selormey, Dr. Boadu’s name has again surfaced as the person into whose accounts at Ecobank monies were transferred.

Led in evidence by the Assistant State Attorney, Mr. Anthony Gyambiby, a prosecution witness, Mr. Kwame Akaba of Ecobank (Ghana) told the court that ?2.7 billion was transferred into Dr. Fred Boadu’s accounts upon the instructions of Victor Selormey.

The monies, according to witness, were disbursements out of the Trade and Investment Project (TIP) fund, initiated by the ministry.

He said between May and December 2000, Ecobank received two letters from the Ministry of Finance signed by Victor Selormey, ordering the disbursement out of the TIP fund to Dr. Boadu towards the commencement of a feasibility study.
Witness said Dr. Boadu operated the accounts and made withdrawals which he instructed to be paid to certain companies.