CID Probe Hearts Of Oak

The Police Criminal Investigations Department (CID) is investigating a case in which Hearts of Oak Sporting club was paid 90,000 Deutse Marks (?304.2 million) by West African Mills Company (WAMCO) for consultancy services. An Auditor General’s report to the CID recommended that Mr Ato Ahwoi, Hearts Board Chairman and Micheal Holzaepfel, Managing Director of WAMCO should be jointly and severally held responsible for misappropriation of funds.

Documents available to the Auditor General indicate that Hearts of Oak invoiced WAMCO for 90,000 DM on December 18, 2001 for “consultancy services” for the period March-December 2001. Records show that the amount was paid in Cedis in the sum of ?304.2 million on December 20 last year. Based on this, the Auditor General’s department on April 30, this year caused a review of the consultancy documents to ascertain the nature of it.

The report submitted after the review indicated that, there was no formal contract between Hearts of Oak and WAMCO and that no work was performed by the club for WAMCO for which the amount was paid to the club. According to the report, Mr Ato Ahwoi told the Auditors that the Managing Director of WAMCO, asked him to invoice the company for consultancy services for the period ending March-December 2001.

Mr Ahwoi further noted that there were no services rendered and that the money was paid in respect of player transfer. However the players in respect of whom the money was paid were not stated. The report concluded that the transaction has a semblance or appearance of fraud and accordingly recommended that Mr Ato Ahwoi and Mr Holzaepel should be held responsible for misappropriation of funds.

The Police Criminal Investigations Department (CID) is investigating a case in which Hearts of Oak Sporting club was paid 90,000 Deutse Marks (?304.2 million) by West African Mills Company (WAMCO) for consultancy services. An Auditor General’s report to the CID recommended that Mr Ato Ahwoi, Hearts Board Chairman and Micheal Holzaepfel, Managing Director of WAMCO should be jointly and severally held responsible for misappropriation of funds.

Documents available to the Auditor General indicate that Hearts of Oak invoiced WAMCO for 90,000 DM on December 18, 2001 for “consultancy services” for the period March-December 2001. Records show that the amount was paid in Cedis in the sum of ?304.2 million on December 20 last year. Based on this, the Auditor General’s department on April 30, this year caused a review of the consultancy documents to ascertain the nature of it.

The report submitted after the review indicated that, there was no formal contract between Hearts of Oak and WAMCO and that no work was performed by the club for WAMCO for which the amount was paid to the club. According to the report, Mr Ato Ahwoi told the Auditors that the Managing Director of WAMCO, asked him to invoice the company for consultancy services for the period ending March-December 2001.

Mr Ahwoi further noted that there were no services rendered and that the money was paid in respect of player transfer. However the players in respect of whom the money was paid were not stated. The report concluded that the transaction has a semblance or appearance of fraud and accordingly recommended that Mr Ato Ahwoi and Mr Holzaepel should be held responsible for misappropriation of funds.