Former MASLOC CEO, Sedinam Tamakloe Attionu sentenced 10 years to prison

An Accra High Court (Financial and Economic Division) has sentenced former CEO of the Microfinance and Small Loans Centre (MASLOC), Sedina Tamakloe Attionu to 10 years in prison after finding her guilty of causing financial loss to the state. 

Daniel Axim, a former Chief Operating Officer, who was also prosecuted in the case has been sentenced to a five-year jail term with hard labor.

They were convicted on 78 counts including causing financial loss to the state, theft, conspiracy to steal, money laundering, and violating public procurement laws.

The trial began in 2019, during which the state presented six witnesses. Tamakloe was tried in absentia after fleeing the country for medical treatment, while Axim testified in person but did not call any witnesses.

The charges stem from the misappropriation of funds intended for MASLOC activities between 2013 and 2016. One instance involved a withdrawal of GHc 500,000 as a loan for Obaatampa Savings and Loans company, which was demanded back when the institution refused to provide a 24% interest rate. Although evidence of the refund was found, it was not reflected in MASLOC's accounts.

The duo was also found guilty of misappropriating over 1.7 million Ghana cedis meant for a sensitization exercise, where only a fraction reached the intended beneficiaries. Similarly, funds meant for victims of a fire incident at Kantamanso were not fully disbursed, with a significant portion being appropriated by the accused.

The case also involved the purchase of vehicles and Samsung phones at inflated prices, exceeding market rates at the time. Despite being bought in bulk, the amounts paid were significantly higher than the prevailing market prices, the prosecution had said.