A recent court ruling has seen a former Chief Executive Officer of the Micro Finance and Small Loans Centre (MASLOC), Sedina Tamakloe, sentenced to 10 years in prison for causing financial loss to the state.
This decision has been hailed as a triumph for justice by private legal practitioner Christian Malm-Hesse.
In addition to Tamakloe, the Director of Operations at MASLOC, Daniel Axim, was also handed a 5-year jail term for their involvement in the financial mismanagement. The pair faced a total of 78 charges, including conspiracy to steal, stealing, causing financial loss to the State, and money laundering.
During the trial, the presiding judge, Justice Afia Serwah Asare-Botwe, highlighted the importance of tackling crimes committed by professionals, emphasizing that these offenses can have a more significant impact on society than violent crimes.
The court’s ruling included specific sentences for each charge, ranging from 2 years imprisonment to fines and forfeiture of assets. The prosecution has been directed to commence asset forfeiture proceedings against Tamakloe to recover the embezzled funds.
The case against Tamakloe and Axim stemmed from investigations conducted by the Economic and Organized Crime Office (EOCO) in 2017. The probe uncovered fraudulent disbursements of MASLOC funds, including unauthorized investments and misappropriation of public funds.
One notable incident involved an investment of GH¢500,000 in a microfinance company, which was later demanded back in cash by Tamakloe. Subsequent investigations revealed a pattern of financial misconduct, including inflated procurement prices for vehicles and mobile phones.
