EOCO probes ARB Apex Bank

The Economic and Organised Crime Office (EOCO) is investigating procurement irregularities, fraud and other serious offences involving the ARB Apex Bank.

Specifically, the report relates to the procurement of a communication link for wide area network (WAN), sale of bank vehicles to staff and purchase of vehicles by the bank.

The letter from EOCO, dated January 30, 2015, sighted by DAILY GUIDE, was signed by Justice A.Y. Tsar, Deputy Executive Director responsible for Intelligence at EOCO, and addressed to the Managing Director, Kwadwo Aye Kusi.

In this regard, EOCO has requested management of ARB Apex Bank to furnish it with information on copies of the agreements with STL Ghana Limited, the board’s approval for the procurement and also a schedule of all official vehicles disposed of since 2008.

“The information should include type of vehicle, date of original purchase, cost of vehicle, date of disposal, name of purchaser at time of disposal and amount paid.

“Also provide a schedule of all vehicles purchased by the bank from 2010 to 2014 including the brand, model, year of purchase, dealer from who it was purchased and conditions associated with sale/purchase i.e. purchase swap or double deal.”

In a telephone interview with an official of the bank, she said the bank has received a letter from EOCO but added that the investigations have not started yet.

Report says huge sums of money are being used to renovate the bank’s branches in Kumasi and Bolgatanga while five new plush 2015 models of VW estimated at over GH¢600,000, parked in their premises for management’s use, have been purchased and fully paid for.

Staff of ARB Apex Bank on Thursday, February 19, wore red bands in protest of the stagnant nature of their wage negotiation and called for the resignation of the MD, Kwadwo Aye Kusi, who is even yet to receive confirmation from the Central Bank.

They are calling for the resignation of the MD for alleged misappropriation of funds leading to the EOCO investigations.

DAILY GUIDE has learnt that the board has directed the MD to cooperate with EOCO.