Adjenim Boateng Adjei was unable to explain the source of his wealth

General news for Sunday, November 1, 2020

Source: www.ghanaweb.com

2020-11-01

Page 164 of the 188-page report from the Commission on Human Rights and Administrative Justice (CHRAJ) indicates that Adjenim Boateng Adjei, the fired CEO of the Public Procurement Authority (PPA) could not explain the origin of the large volumes of financial transactions that passed through their bank accounts between March 2017 and August 2019.

In what is called “inexplicable wealth”, CHRAJ claimed that Adjenim Boateng Adjei “handled large volumes of cash well in excess of his known earnings as CEO of PPA.”

Data provided by the Financial Intelligence Center (FIC) and analyzed by CHRAJ place the total transaction during the period in which Adjenim Boateng Adjei assumed office at GH ¢ 14.8 million, a combined figure of four accounts in USD and euros. held in two banks.

The report explains: “The Respondent [Adjenim Boateng Adjei] opened the USD account number 9040002473180 at Stanbic Bank on April 3, 2017, following his appointment as CEO of PPA. As of August 28, 2019, a total amount of USD 516,225 had been credited to the account and its debits amounted to USD 504,607.87. Regarding your Cedi Account N ° 9040002313337 in the same bank opened on January 21, 2017 prior to your appointment, a total of 3.83 million Cedis were paid and 3.81 million Cedi were debited from the account between the date of your appointment as CEO and on August 29, 2019. “

The report continued: “His account in euros at the same bank also had EU54,500.00 credited and EU37,333 debited for the same period, in addition to his UMB USD account No. 428872, which had had a cash flow of more than 110,000 USD between December 2018 and only March 2019 “.

CHRAJ said that when Adjenim Boateng Adjei was confronted with the evidence of the large volume of cash that passed through his account, he vehemently denied it, saying that the amount of money came from the sale of water by Frosty Ice Natural Mineral Water Ltd.

He explained that Frosty Ice Natural Mineral Water Ltd, a company that [Boateng Adjei] He owns with his wife, Mercy Adjei, does not have a bank account, which is why the sale of the water is deposited in his account.

Adjenim Boateng Adjei claimed that he received money from other family businesses that he owned but was unable to name the family businesses to CHRAJ.

Following checks by the General Registration Department, CHRAJ noted that Frosty Ice Natural Mineral Water Ltd was incorporated on January 29, 2019.

“So how could a company established in 2019 accumulate so much revenue in 2017 and 2018, before its establishment?” CHRAJ asked in his report.

The report further stated that Adjenim Boateng Adjei is a director of more than 19 companies, but states that he did not receive director fees from any of those companies “except Beachfront Stevedoring Company Limited.”

CHRAJ has since forwarded these findings to the Office of Economic and Organized Crimes for further investigation into potential money laundering investigations.