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Former MASLOC CEO Sedinam Tamakloe Sentenced to 10 Years in Prison for Causing Financial Loss to the State

Sedinam Tamakloe Attionu, the former CEO of the Microfinance and Small Loans Centre (MASLOC), has been handed a 10-year prison sentence with hard labor. Daniel Axim, the former Chief Operating Officer of MASLOC, has also been sentenced to five years with hard labor.
They were both convicted on 78 counts, including causing financial loss to the state, stealing, conspiracy to steal, money laundering, and causing loss to public property in violation of public procurement laws.
The trial, which began in 2019, saw six witnesses called by the state.
Sedinam Tamakloe was tried in absentia as she had reportedly absconded after obtaining court permission to seek medical treatment abroad.
Daniel Axim testified in person but did not call any witnesses.
The charges against them stem from the misappropriation of funds intended for MASLOC activities between 2013 and 2016.
Among the instances cited was the withdrawal of GHc 500,000 as a loan for Obaatampa Savings and Loans company. When the financial institution refused to yield to a 24% percentage, the convicts demanded a refund of the amount.
Although evidence of the refund was found, it was not reflected in MASLOC’s accounts and books.
Additionally, the duo reportedly misappropriated over 1.7 million Ghana cedis meant for a sensitization exercise. MASLOC was expected to provide 20 Ghana cedis each for 85,300 beneficiaries, totaling the 1.7 million cedis.
However, only 1,300 cedis were allegedly spent for the intended purpose, with the rest being misappropriated.
Furthermore, only 579,800 out of 1.4 million cedis was disbursed to victims of a fire at Kantamanso, with the accused persons appropriating the remainder.
The case also involved the purchase of vehicles and Samsung phones for MASLOC, where the amounts disbursed for the purchases were higher than the market prices at the time.
The evidence presented during the trial indicated that the amounts were inflated despite the bulk purchases.

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