Investigations by the Serious Fraud Office (SFO) have revealed that Mr. Jacob Kofi Asmah, Managing Director of Gelina Group of Companies, used false project reports and fraudulent financial analysis to obtain a total of ?32 billion from the National Investment Bank (NIB), Ghana Commercial Bank, Agricultural Development Bank, SSB Bank and other project funds. The investigations further revealed that Mr. Asmah and his company succeeded through the connivance and collusion of highly placed officials of the NIB. They are Mr. B Adu Amankwaa, Director for Appraisal/ supervisor and Mr. E Otchere, Director for the development Banking.

“ Their failure to present the true state of affairs of the companies induced the NIB Board to grant the loans. They also failed to check on the authenticity of documents and other instruments presented to them by Mr. Asmah to secure the loans” the report added.

According to the SFO, Asmah and his companies were on the verge of accessing a loans of ?120 billion from the ECOWAS Fund when it (SFO) intervened and stopped it. The SFO’s revelation was contained in a report on selected state institutions it probed and forwarded to the President. The report stated that Gelina Group of companies took ?27 billion from NIB alone while the rest were sourced from the Business Assistance Fund, CIDA Loans, Export Finance Company and the Japanese grant. “He failed to settle them when they fell due”. Gelina Group of Companies comprises Gelina Tropical, Asmah Productions Company Limited, Akotiman Haulage, Gelina Packaging and 21st Century Estate Developers Limited.