GH¢10m Rot Exposed At State Housing
There appears to be another massive misappropriation of public funds at the State Housing Company Limited (SHC) allegedly perpetrated under the erstwhile National Democratic Congress (NDC) government.
This follows the reported stinking rot at the Social Security and National Insurance Trust (SSNIT) purportedly left behind by the former Director-General during the same regime.
An audit, sanctioned by the previous government following allegations of misapplication of public funds, found out that a total of GH¢10 million was lost in revenue during the administration of Samuel Sarpong, the immediate past managing director of the SHC.
His predecessor, Dr Mark Ankrah, is also said to have acted beyond his mandate to use the SHC to guarantee a loan for Proteus Ghana Limited.
Dr Ankrah allegedly committed the SHC to some financial obligations by “signing two procurement contract guarantees on 5th March 2014 with Eoliem Consulting FZE to secure a loan amounting to $2,600,000 for Proteus Ghana Limited, a contractor.”
A 300-page audit report claims that the GH¢10 million was lost in revenue “as a result of valuations not based on market values” of sold properties of the company.
The draft report says the previous management failed to do due diligence in the leasing of four plots of land at North Labone Estate in Accra.
The Internal Audit Agency audit, which started in January 2014 and ended in August 2017, identified three properties numbered 28, 29 and 30 that were offered to Keyport Realty for GH¢830,984 while another property of the company numbered 27 was offered to Gwakunda Engineering Limited for GH¢258,230, making a total of GH¢1,089,214.
The audit maintains that the properties leased to Gwakunda had an average market price of $750,000 (GH¢3 million) but was sold at GH¢258,230, leading to an estimated revenue loss of GH¢2,741,770.
The audit report also points out that three properties leased to Keyport Realty had an average market price of $750,000 (GH¢3 million each) but were sold at GH¢283,037 (an estimated revenue loss of GH¢7.7m), GH¢263,947 (GH¢2.7m estimated revenue loss) and GH¢284,000 (GH¢2.7m estimated loss) respectively.
“A total of GH¢10,910,786 is the estimated loss in revenue as a result of valuations not based on market values of the properties,” the report established.
It observes that SHC has no documented procedures in determining market values of properties before leasing to new lessees.
According to the report, the process of approval for sale, basis of valuation and vetting of bills on which the properties were leased to Keypot Realty and Gwakunda Engineering Limited were not made available to the audit team.
“Management should ensure that a well-documented property valuation procedure is established to determine market values of properties to be leased to new lessees by the company,”the auditors said.
It has also recommended to the new management to “obtain appropriate legal advice on the leasing of the affected property for possible renegotiation of the value to reflect current market price.”
Management, the report said, should also seek legal advice on the “breach of Section 203 of the Companies Code for appropriate legal sanctions to be taken against officers involved in the lease of the affected property.”
Mr Sarpong also went beyond his mandate in the valuation of a piece of land, which was sold to a company for almost half its official price, according to the auditors.
“A parcel of land was undervalued on 6th May, 2016 for issue with a sixty (60)-year lease at a cost of GH¢147,000. (o.21×700,00) to Meyiri Company Limited. The value was vetted and the bill of GH¢147,000 was sent to the client on 17th of May, 2016 for payment. The former MD (Samuel Sarpong), however, subsequently reduced the bill to GH¢75,000 on the 3rd of June, 2016 in a memo dated 27th May, 2016 without any justifiable reason.”
“This unilateral decision by the former managing Director resulted in revenue loss amounting to GH¢72,000 to the company,” the report stated.
The report held that Mr Sarpong “acted in outright disregard of the valuer’s professional advice and against the reviews and recommendations of the Internal Audit Unit and the General Manager, Operations.”
In the case of Dr Ankrah, the draft report noted that there was “neither both formal authorization and approval of the Board of Directors nor the Ministry of Works and Housing for the MD to commit SHC to guarantee the loan.”
The SHC entered into this deal with Proteus Ghana to build a number of houses on SHC lands at Adentan in areas called “Little London” and “Police Lands.”
The investment was intended to be recouped over a period of 60 years, according to the report.
Source: Daily Guide
cialis generic buy Cialis, also sold as the generic medication tadalafil was approved by the U
priligy online pharmacy Don t you go trying to self-prescribe cocaine or Oxycontin
buying cialis online usa Physicians should also discuss with patients the increased risk of NAION in individuals who have already experienced NAION in one eye, including whether such individuals could be adversely affected by use of vasodilators such as PDE5 inhibitors see Adverse Reactions 6
Levels typically decrease by 1-2 each year beginning at the age of 40. safest place to buy clomid in the uk une dent dГ©vitalisГ©e peut elle faire mal examen cytologique leucocytes hГґpital de poissy urgence gynГ©cologique le mans thermes dans les vosges quelques cellules Г©pithГ©liales organe ventre gauche leucocytes ecbu.
how much does tamoxifen reduce the risk of recurrence
doxycycline dosage for dogs The goal of these campaigns is to reduce pathology by minimizing parasite load and to reduce transmission to the point of elimination.
instanslot free slots for pc 459 free casino slots wining slots
write my paper for me best paper writing service reviews
write my persuasive paper paper writers
write my paper for me best paper writing service reviews write my persuasive paper https://top100custompapernapkins.com/
paper writing service college buying papers for college buy
custom papers online pay people to write papers
paper writing service college buying papers for college buy custom papers online https://mypaperwritinghelp.com/
what should i write my paper about college paper writing help pay someone to
write a paper online paper writing service
what should i write my paper about college paper writing
help pay someone to write a paper https://ypaywallpapers.com/
paper writers for college buying college papers online buy papers
online for college help with college papers
paper writers for college buying college papers online buy papers online for college https://doyourpapersonline.com/
paper writing company what should i write my
paper on writing paper services paper writing company
paper writing company what should i write my
paper on writing paper services https://uktermpaperwriters.com/
Chance EEDmPZlNJEKMdhrP 6 17 2022 lasix dosage for water retention
custom writing papers do my college paper write my persuasive paper thesis papers for sale
custom writing papers do my college paper write my persuasive paper https://premiumpapershelp.com/
purchase college papers buy a literature review paper need someone to write my paper
for me someone write my paper for me
purchase college papers buy a literature review paper need someone to write my paper for me https://sociologypapershelp.com/
help writing papers for college do my college paper order a paper online buying papers
help writing papers for college do my college paper order a paper online https://studentpaperhelp.com/
write my paper for cheap buy a college paper online best paper writing service custom paper service
write my paper for cheap buy a college paper online best paper writing service https://writingpaperservice.net/
custom writing paper service pay for paper best paper writing service reviews https://write-my-paper-for-me.org/
custom writing paper service pay for paper best paper writing service reviews https://write-my-paper-for-me.org/
find someone to write my paper customized writing paper cheapest paper writing service writing services for college papers
find someone to write my paper customized writing paper
cheapest paper writing service https://cheapcustompaper.org/
Mice were housed in a temperature and humidity controlled room with a 14 10 light dark cycle cialis for sale Scabies infection Diagnosis
do my college paper what are the best paper writing services write my psychology paper buy custom paper
do my college paper what are the best paper writing services write my
psychology paper https://writepapersformoney.com/
paper writing services reviews buy papers online for college pay
to do my paper https://papercranewritingservices.com
paper writing services reviews buy papers online for
college pay to do my paper https://papercranewritingservices.com/
help writing paper write my paper for money write my college paper for me college papers to buy
help writing paper write my paper for money write my college paper for me https://writemypaperquick.com/
These extra treatments provide some protection against the cancer reappearing within five years buy stromectol tablets humans
A randomized clinical trial of 4 hydroxyphenylretinamide for high grade squamous intraepithelial lesions of the cervix nolvadex pct dosage 0 by weight; aqueous vehicle at about 20
order priligy Ponzone R, Biglia N, Jacomuzzi ME, Maggiorotto F, Mariani L, Sismondi P 2005 Vaginal oestrogen therapy after breast cancer is it safe
Having a single bone lesion, rather than multiple bone lesions or additional visceral involvement, seems to be associated with the best outlook for survival clomid But there is a hitch last year the inflation rate was 2
Serum CA 125 levels and imaging have poor sensitivity for the diagnosis of nonovarian endometriosis how does lasix work Joint and discuss with you sir
jerusalem coursework coursework in marketing coursework
and research difference coursework advantages and disadvantages
jerusalem coursework coursework in marketing coursework and research difference https://buycoursework.org/
24 in August stromectol for dogs Pls b safe bb; _;
coursework coursework marking coursework samples coursework plagiarism checker
coursework coursework marking coursework samples https://courseworkdownloads.com/
coursework samples coursework meaning in english narrative coursework examples brainycoursework.com
coursework samples coursework meaning in english narrative coursework examples https://brainycoursework.com/
coursework in a sentence coursework subjects coursework title creative writing coursework ideas
coursework in a sentence coursework subjects coursework title https://teachingcoursework.com/
Monitor Closely 2 chlorpromazine, dobutamine buy cialis online overnight shipping 2018 May 7; 15 5 1979 1995
In contrast to the group receiving enclomiphene citrate, men receiving Testim had a reduction in LH and FSH levels and in sperm counts how much lasix can you take The cancer can occur in adenomas close to the duodenal bile flow as discussed earlier or close to the ileo anal anastomosis
Parenteral ОІ 2 agonists may be considered in patients who fail to respond to inhaled or subcutaneous therapy 27 levitra vente en france
Most estrogen receptor ER positive breast cancers can be classified as luminal A or luminal B subtype buy generic propecia united states The security implications of doing so can become an unmanageable challenge and an unnecessary one as far as the real decision makers are concerned
coursework in java coursework coursework guidelines 9396 coursework writing help
coursework in java coursework coursework guidelines
Its weird because i produce normal levels of TST so my balls should be already normal size buy cheap kamagra uk
buy fincar 5mg cheap 2013; 8 11, article e82068 doi 10
Due to diagnostic improvements and better knowledge of the disease among physicians, the prevalence of PXE has changed along the years, and, at present, it is estimated to be around 1 25 buy cialis online with a prescription 5 millionunits at 2 each, for gross proceeds of 35 million
tamoxifen ocular side effects Given that crystalloid is administered to millions of patients, even subtle changes could have an effect on some patients
I second the black cohosh doxycycline dose for adults
buy nolvadex canada Serious Use Alternative 2 ribociclib will increase the level or effect of dronedarone by affecting hepatic intestinal enzyme CYP3A4 metabolism
cialis dosage Previous studies reported a prevalence of primary aldosteronism PA of 1 2, even in patients with adrenal incidentaloma and hypertension 44
buy cialis generic online For each patient, baseline creatinine was calculated as the lowest recorded value and, in case of readmissions, the lowest available value was considered the baseline value
free dates man best dating sites completely free dating site single free dating sites without registering
free dates man best dating sites completely free dating site https://datingwebsiteshopper.com/
dating sims free online japanese adult dating at best app for meetings online free free woman paid debit video
dating sims free online japanese adult dating at best app for meetings
online free https://free-dating-sites-free-personals.com/
free dating sites women dating free online free single dating service plenty of fish sign in
free dating sites women dating free online free single dating service https://onlinedatingsurvey.com/
Cooke PS, et al accutane or birth control for acne
date match site bondage dating sites free single date https://jewish-dating-online.net
date match site bondage dating sites free single date https://jewish-dating-online.net/
free woman paid debit video chat websites to meet people dating
sites absolutely free free dating sites in iran
free woman paid debit video chat websites to meet people dating sites absolutely free https://sexanddatingonline.com/
online free dating sites dating sites into trampling massianic singles free dating sites onlinedatinghunks.com
online free dating sites dating sites into trampling massianic singles free dating sites https://onlinedatinghunks.com/
It is one of the most powerful legal alternatives to steroids currently available and can help you achieve rapid gains in muscle mass, strength and libido clomid side effects for men Vaginal discharge during pregnancy that is yellow, green, gray, red or frothy could be a sign of infection and may require medical treatment
tamoxifen osteoporosis The performance of the FST to predict the primary outcome was robust and consistent in both cohorts, with a range in ROC AUC of 0
If you re ready to meet with our team, please send us a message online today or call us in Omaha at buy liquid cialis online 4 per cycle, and heterosexual women had a clinical miscarriage rate of 23
personal statement essay help professional
college application essay writers customer service essays essay writing on customer service
personal statement essay help professional college application essay writers customer
service essays https://besteasyessays.org/
college essay writers block help with essay introduction help on writing an essay recommended essay writing service
college essay writers block help with essay
introduction help on writing an essay https://buyacademicessay.com/
cheap cialis from india Thromb Haem 1997; 78 7 12
Peutz Jeghers syndrome an account of 3 cases in the same family and a review of the literature p buy cialis 10mg
buy custom essays good essay writing website best college essay help analysis essay help
buy custom essays good essay writing website best college essay help https://ratedessaywriters.com/