Three cashiers at the Takoradi and Kumasi offices of the Ghana Railways Company (GRC) have been arrested for allegedly embezzling more than GH¢8.5 million (¢8.5 billion) with the help of some top officials of the company.
In Takoradi, a cashier is being investigated for embezzling over GH¢8 million (¢8 billion), while in Kumasi two have been arrested for misappropriating more than GH¢50,000 (¢500 million).
The name of the suspect at the Takoradi office was given as Oko Miles, while the Kumasi suspects were Herbert Mensah and one Nii, pay master and accounts clerk respectively, who are currently in police custody.
Some top officials in the Human Resource, Account and Audit departments said to have masterminded the just-ended strike intended to ensure the removal of the current managing director for calling for auditing are suspected to be linked to the embezzlement.
The total amount, according to the Western Regional Office of the Serious Fraud Office, is pegged at GH¢179 million (¢179 billion), being cash and cheques accruing from property rent, machine works for mining companies, cement and other hauling services.
It is reported that soon after the SFO officials arrested Miles and handed him over to the police, the human resource manager of the company was said to have quickly moved to the police station to secure him bail.
However, days after the arrest, instead of interdicting the said cashier, he is still at post.
A source close to the company and seat of investigation alleged that upon the appointment of the current managing director, Mr Rufus Quaye, who took office in 2007, he ordered the auditing of the books of the company.
It said the books of just two of the company’s numerous departments showed that a total of GH¢4.5 million (¢4.5 billion) was unaccounted for.
The managing director then asked the cashier to step aside for one Mr C.S. Mensah while auditing continued, but Miles failed to hand over.
According to the source, such a move by the managing director angered the top guns in these three departments and they incited the workers to call for salary increase and better conditions of service and removal of management at a time the management and then union had made much progress on workable plans to settle salary arrears.
They said the managing director also insisted that before he took full control of the company, he would have to ensure the financial position of the company in all its departments was well known to him.
Explaining how the cashier managed to have access to the cash, the source said apart from hauling service to their major clients such as bauxite and manganese companies, the company also had a vibrant technology transfer unit, where mining and other companies did their machine works, as well as moulding and casting.
"And in most cases, the cashier demands cash instead of cheque, which is mostly drawn on the company, and it was through that channel that the top officials and other staff had the chance to access the company’s money,” it said.
One of the interesting revelations at the SFO indicated that some of the serial numbers of the vouchers submitted to it were not genuine.
When contacted for comment, Mr Quaye said the SFO officials were in charge of the investigation and he would not like to comment because he trusted that with their track record, the SFO would do a good job.
Asked if the company had collapsed, Mr Quaye smiled and said, “the GRC is richer than we thought and we can work and pay ourselves and pay dividend to the government, if we put things right”.
"I don’t want to talk now but with time, we all will see the company regaining its glory and the call for auditing is part of the steps to plug loopholes in our financial administration so as to meet the investors and the government quarter or half-way in our quest to revive Ghana Railways," he said.
When the Daily Graphic asked the Chairman of the interim union , Mr Joe Dadzie, if the union were fully aware of the current developments, he only wondered why the suspect in the Takoradi office was not interdicted.
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