A former internal auditor was sentenced to five years in jail Monday for embezzling company funds.
Mr. Awudu Abass, who was the internal auditor for Baobab Microfinance company was found guilty on 834 counts of embezzlement in a Tamale High Court One presided by Mr Justice Jerome Noble Nkrumah.
The court ordered Mr Abass to refund a total of one thousand eight hundred penalty units imposed on him, for stealing from the company.
According to the prosecution, the company detected strange withdrawals from its accounts and management engaged the services of external auditors to examine its books. The external auditor’s findings revealed that about one hundred and fifty-nine thousand Ghana Cedis ( GH¢ 159,000 ) could not be accounted for and pointed the finger at Mr. Abass as the culprit.
The embezzlement caused Baobab Microfinance Company’s operations severe financial difficulties and its operations were nearly brought to a halt, the prosecution said, adding that hundreds of women engaged in small and medium-scale enterprises financed by the company could have been adversely affected.
Baobab also lends low interest loans to women in petty trading within its catchment area. The General Manager of Baobab Financial Services, Mr Sulemana Mansisu who spoke to Zaa News after the ruling said the company was extremely shocked at the betrayal.
According to Mr Mansisu, the case has been pending for the past three to four years. The former internal auditor he explained has been withdrawing money for his personal use. Meanwhile measures have been put in place in terms of personnel and software to pilfering from the company’s coffers.
