Details of Baffour Awuah’s arrest by EOCO revealed

New developments are surfacing regarding the investigation by the Economic and Organised Crime Office (EOCO) into Nana Agyei Baffour Awuah, the Member of Parliament for Manhyia South.

Recent reports suggest that another MP from the New Patriotic Party (NPP) and Amma Frimpomaa Dwumah, the former Managing Director of SIC Life Savings and Loans, have also been implicated in the allegations against Baffour Awuah. These allegations include causing financial loss to the state and money laundering.

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According to court reporter Joseph Ackah Blay from TV3, EOCO suspects that the two MPs, along with the former SIC Life MD, conspired to commit these offenses in connection with recovering funds that the state insurance company loaned to Equity Micro-finance, a micro-insurance firm.

The report highlights that EOCO believes the collaboration between Baffour Awuah, who served as the legal representative for SIC Life, the unidentified NPP lawyer thought to represent Eco Swiss (another player in the case), and the former SIC Life MD resulted in the state receiving merely GH¢5 million, far below the more than GH¢14 million that was expected.

 

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EOCO is reported to have said that Frimpomaa Dwumah signed off on the agreement that led to SIC Life losing the millions of Ghana cedis without the approval of the board.

The details also indicated that the ex-SIC boss signed the agreement after her tenure had ended and also received about GH¢1 million from Baffour Awuah’s legal firm.

“The other person who signed that agreement was the managing director of SIC Life. Investigators made the point that their information suggests that, at the time she signed it, she did not have the authorisation from the board to have entered into that agreement. They also say that her term of office had also come to an end.

“Then there is also an additional claim that a certain amount of money may have been transferred into her (the ex-MD of SIC Life’s) private accounts from the law firm of the Member of Parliament’s account after the entire transaction had taken place and the amount we understand is in the region of a million cedis,” he said.

He added, “The investigators believe there was a certain collusion between the Member of Parliament for Manhyia South, Baffour Awuah, this other NPP MP and the former MD for SIC Life Savings and Loans.”