Attorney general outlines alleged Exim Bank fraud involving Wontumi Farms

The Attorney General, Dominic Ayine, has disclosed that investigations have uncovered what he described as clear acts of fraud involving Chairman Wontumi and his company, Wontumi Farms Limited, in relation to a loan obtained from the Ghana Exim Bank.

Speaking at the Government Accountability Series, he explained that Chairman Wontumi and the company made false claims to the bank in order to secure a loan facility, which they eventually obtained.

According to him, the company claimed the funds were to be used to purchase farming equipment, but investigations showed that the equipment was never bought.

He noted that the farming project itself never took off and, as a result, no young people were employed at Asare Nkwatia as earlier promised.

He stressed that beyond the failure to execute the project, investigators found that the company and its director and chief executive officer forged a receipt to mislead Exim Bank into believing that the loan conditions had been met.

He pointed out that these actions went beyond simple breaches of a loan agreement and amounted to criminal conduct, particularly given that the alleged acts involved a regional chairman of the then ruling party.

He explained that based on the evidence gathered by the Economic and Organised Crime Office, a decision has been taken to prosecute Wontumi Farms Limited and its directors.

According to him, the charges will include defrauding by false pretences, forgery and causing financial loss to the state, involving an amount of GH₵24,255,735.

He clarified that the figure represents the principal loan sum together with the interest accrued.

By: Jacob Aggrey