Cape Coast, June 01 -- CHRONICLE?S IVESTIGATIONS into alleged financial malpractices in Adisadel College in Cape Coast, in the Central Region, indicate that Mr David Duker, the bursar of the school, has embezzled more than ?1 billion.

This was unraveled when Mr Henry Krufi Kwesi Graham, the newly appointed headmaster of the school, ordered internal audit into the school?s finances.

Dr. Fifii Mensah, a lecturer at the Science Department of the University of Cape Coast (UCC) who is the PTA chairman, and Mr. Bediako Sakyi, PTA secretary and History tutor, as well, supported the headmaster to carry out this move.

It was gathered that Mr. Duker, with the connivance of some account personnel, printed their own receipt booklets, which they issued out to students in the course of payment of school fees and other dues, while a similar process was used in purchasing several items for the school.

Again, Duker and his accomplices were alleged to have invested the money in another venture, as they failed to deposit it in the bank account of the premier school.

Following the revelations, the board met Duker to answer questions about the findings of the internal auditors? report and given two weeks to respond.

When The Chronicle checked in at the headmaster?s office last Friday, the affable Kwesi Graham who had transformed Twifo Praso Secondary School, and whose transfer to Adisadel was fiercely protested, demanded to know the source of our information.

Luckily enough, Duker happened to be at the headmaster?s office as he directed this reporter to him. ? That is the man himself. Mr Duker, this gentleman is looking for you. Take him to your office and talk to him,? he said, as he hurriedly stepped out to attend a meeting.

However Duker who had earlier demanded to know the source of the story denied printing separate receipt booklets. He acknowledged that the board members of the school had asked him to answer certain questions captured in the internal audit report as at last Friday, which was set as a deadline.

?What am I hearing now? People are asking me about malfeasance in my administration as bursar. I know there are plans somewhere to nail me,? he quipped, stressing that some people want him to become popular by making him appear in the newspapers.

Mr Duker told the paper further that he was about to meet the board later last Friday and that he would plead with the board to give him one month to enable him collate information about some of the transactions he had undertaken.

?You know in some cases where receipts were not issued, I had to go to the customers and gather information about them. My brother, it?s not easy to get all these within the shortest possible time in accounting process, that is why I am asking for one month,? the middle-aged bursar asserted.

Currently, Nana Ekow Asmah, an accountant who was involved in the embezzlement of funds at the St. Augustine?s College is on a 1.5 billion- cedi bail with three sureties while his passport and other items have been temporarily frozen.

Meanwhile, investigations have revealed that, Mr Kwesi Graham, who is said to be one of the old boys, satisfies most of the tutors with the current transformation of the school.