SIC Auctions ex-Board Chairman's Propety
THE State Insurance Company (SIC) has auctioned two landed properties of a former board chairman of the company, Mr Roland Atta Kesson, for refusing to repay moneys he collected as loans from two financial institutions with SIC guarantee.The moneys, which were collected from the National Investment Bank (NIB) and the Consolidated Discount House (CDH), are said to have been used by Mr Atta Kesson to do his own business.
The SIC was compelled to repay about ¢900 million, including interest which had accrued since the mid 90s when the loans were contracted, to the two financial institutions. A highly placed source at the company which disclosed this in an interview said the company acted on the orders of an Accra High Court to auction the property of Mr Atta Kesson at Adenta to enable it to recover the moneys the company had paid to the two financial institutions.
It said several attempts were made by the new board and management of the company to compel Mr Atta Kesson, who was one time chairman of the National Convention Party, to refund the moneys but this request failed persistently. The source said the company, realising that the moneys were not forthcoming, sought the assistance of the court which authorised the sale of the properties to defray the loan.
It said even after the order, Mr Atta Kesson wrote to the company to allow him some time to refund the money in instalments, but after the company waited for some time without any sign of repayment, the board had no alternative but to authorise the sale of the property to defray the cost. The source described as most unfortunate, how a board chairman of a reputable institution could use the name of the company to collect loans for his own business without repaying.
It said in this era of zero tolerance for corruption, the company will ensure that all persons who have fraudulently used the name of the company to contract loans or other business transactions are brought to book.
The source served notice to any individual or group of individuals and organisations who have duped the company to refund such moneys or else they will be exposed.
It said the new management and board of the company are determined to ensure that SIC maintains its position as the most reputable, efficient and viable insurance company in the country and will, therefore, ensure that all manner of corrupt practices which tend to affect the efficient running of the company or cause financial loss to it are made a thing of the past.