KPMG blows cover of GHC25 million paid to Apex Capital, Progress Savings & Loans

KPMG an Accounting and Auditing firm which was mandated by the Central Bank in March this year to take over as administrators of unibank, has made some damning revelations about certain suspicious transactions involving the bank.

Managers and some shareholders of the bank have already been dragged to court for their roles in the alleged diversion of funds of depositors using unapproved procedures.

According to page 278 of the KPMG report on the financial health of now-defunct uniBank, such “suspicious transactions” went up to the tune of GHS3.7 billion with withdrawals from a particular account called ‘Other Assets’ by shareholders and their related parties, hitting GHS10.8 billion in value.

One of such is the unsupported Credits of GH¢25 million to Apex Capital Partners Limited Account as well as Progress Savings & Loans belonging to one Mr Bernard Owusu Twumasi.

Excerpts of the report in that respect read;

uniBank credited the account (ending with 5131) of Apex Capital Partners with GHS25 million (GHS12 million and GHS13 million) on 31 December 2015 using internal vouchers.

The account credited was opened on 29 December 2015, two days before the credits. The Relationship Manager, Mr Jerry Afful in an email correspondence described the account as ‘…a new account for special operations’.

The total amount of GHS25 million credited to Apex Capital Partners account was moved to HODA Properties Limited on the same day.

In response to a letter from the Official Administrator seeking information on the deposits, Apex Capital Partners stated in their letter (dated 27 June 2018) that they do not have a bank account with the transaction stated in the request.

Attempts by this portal to seek explanation from Apex Capital, Progress Savings & Loans on whether the claims by KPMG has proven futile as they have refused to pick phone calls.