Police grab fugitive- faces GH¢238,890 case of embezzlement

27/8/09
page 3a

THE Divisional Accountant of the Precious Minerals Marketing Company Limited who fled to South Africa after allegedly embezzling GH¢238,890 belonging to the company, has been arrested.
The suspect, Stephen Pagfu, was arrested by the police with the help of Interpol and has been brought back to Ghana for further investigations and prosecution.
He is currently at the Criminal Investigations Department (CID) Headquarters after he was refused bail by the court.
The Managing Director of the company, Mr Darko Damptey, who made this known at the company’s annual general meeting (AGM) in Accra yesterday, said the amount was part of the company’s GH¢1,447,110 accounts receivable for the year 2008.
According to Mr Damptey, Mr Pagfu was an accountant with the Jewellery Department of the company and absconded with the money in 2008.
“We notified the police that also contacted the Interpol in South Africa and they effected his arrest, after which he was repatriated to the country," he stated.
The Chairman of the Board of Directors of the company, Mr Kwabena Kyereh, however, described the company’s performance for the year 2008 as satisfactory despite the adverse impact of the global financial crisis.
The company, according to him, had a total turnover of GH¢35.95 million, far more than GH¢13.31 million registered in 2007, representing an increase of 170 per cent.
Mr Kyereh said the huge turnover was basically due to increased gold export for 2008 and indicated that impressive performance compensated for the reduction in the company’s diamond operations.
He said the company posted a net profit of GH¢501,121.00 in 2008, representing 5.86 per cent over the result of GH¢473,368.00 in 2007.
In all, the export of gold and diamond, as well as jewellery sales for 2008, generated a total foreign exchange of US$197 million, which was repatriated to the country through the Bank of Ghana to support the national economy.
Additionally, he said, the company paid GH¢364,360 to the Government through the Internal Revenue Service (IRS) as Value Added Tax (VAT).
“It also paid GH¢148,150 representing PAYE deduction from staff remuneration and withholding taxes from the supply of goods and services to the company,” he stated, and declared a dividend of GH¢150,000 to be paid to the government, the sole shareholders.
Mr Kyereh gave the assurance that the new board was determined to implement the company’s three-year strategic corporate plan to put the company on the highest pedestal.