Essiam suffocating GCMCL with GHC37m debt – Former Staff

Frances EssiamG Frances Essiam is suspended CEO of Ghana Cylinder Manufacturing Company Limited

Wed, 9 May 2018 Source: starrfmonline.com

A dismissed staff of the Ghana Cylinder Manufacturing Company Limited (GCMCL), Julius Opuni-Asamoah has called for a full scale investigation into the litany of allegations of malfeasance leveled against the Chief Executive Officer of the company, Frances Essiam.

It comes after the board, in a letter, demanded the CEO – who has been asked to step aside – to provide explanations for some financial decisions she has made since taking office last year.

Despite vehemently denying the allegations, Essiam on Tuesday, May 8, ordered the company to be locked up over reports that the Board intended holding a meeting at the premises which would likely lead to her suspension.

Speaking in an exclusive interview with Starr News’ Naa Dedei Tetteh, Opuni-Asamoah claimed that Essiam’s actions and inactions has rendered the company’s coffers empty with huge debts.

“She was always doing what we call cover up. She wasn’t opening up to the stakeholders, to the Board, and the Ministry, going out projecting and painting nice pictures about the Company. Meanwhile, the Company is in a state of ramshackle,” he stated.

Citing the Company’s 2018 first quarter financial report to buttress his claims that the Company is being misappropriated by the embattled CEO, Opuni-Asamoah said: “We have our financial strength, our financial muscle at around 7million Ghana cedis.”

“Meanwhile our indebtedness…those that we are owing it is close to 37million Ghana cedis,” he added.

According to him, Essiam lacks the needed qualities and skills to run the Cylinder Manufacturing Company adding that she is scarily vindictive.

The board of GCMCL on Tuesday ordered Madam Essiam to step aside with immediate effect.

In a statement Tuesday after a meeting at the Robin Hood Hotel on the Spintex road, the board decided that all contracts entered into by Madam Essiam have also been put on hold pending investigations.

The Board, has in the interim, appointed the Technical Director of the company, Mr. Ezekiel Mensah to act in the absence of Madam Essiam. Mr. Mensah, however, does not have the power to take “major administrative decisions such as promotion, termination of appointment, dismissal or engagement of new employees without the consent of the Board.”

Source: starrfmonline.com
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