By Benjamin Nii Nai Anyetei
The Gaming Commission has referred to the Attorney-General’s Department a case involving GH¢5.16 million it invested with SIC Financial Services Limited in 2019, which has remained unrecovered to date.
Acting Commissioner of the Commission, Emmanuel Siisi Quainoo, told the Public Accounts Committee (PAC) of Parliament on Tuesday that despite several follow-ups, the investment has not been redeemed.
“When I took office, I realised that we had invested GH¢5.165 million with SIC Financial Services Limited, and the investment had not been redeemed. I wrote to SIC for the money to be refunded. They replied that their investments had been escrowed at the Ministry of Finance due to the banking sector clean-up,” Mr Quainoo said.
He explained that while SIC acknowledged in writing that the Commission was owed, repayment could not be made until funds were released by the Ministry of Finance.
According to him, after discussions with the Audit Committee, the matter was referred to the Interior Minister, who subsequently directed that it be forwarded to the Attorney-General for advice.
Chairperson of PAC, Abena Osei-Asare, however, questioned SIC’s justification, noting that the company’s financial challenges predated the banking sector reforms.
“The problem of SIC did not start with the banking clean-up, so that excuse cannot stand. We will be guided by what the Attorney-General advises,” she remarked.
Interior Minister Muntaka Mohammed Mubarak, who also appeared before the Committee, admitted that recovering the funds might be difficult since SIC is a state-owned institution.
He indicated that although the Attorney-General had in the past suggested possible legal options, including the seizure of assets, the fact that both institutions are government-owned complicates the matter.
The GH¢5.16 million has remained locked up since 2019.
