The Serious Fraud Office (SFO), has exonerated Mr K. Agyenim-Boateng, Managing Director of the Kumasi Abattoir Company Limited from any malfeasance.

The report on investigations conducted into the financial administration of the company proved conclusively that there was no substance in the allegations made against the Managing Director by Mr Maxwell Kofi Awuku, Administrative Manager of the Company.

A press release issued by the Board of Directors of the Company in Kumasi on Tuesday said the SFO, had, however, surcharged Mr John Owusu Abrefa, the Production Manager with the sum of 2.3 million cedis arising out of the purchases of items for the construction of an additional production line, which he could not account for.

The report according to the release also recommended that as head of the Production Department of the company, he should be reprimanded.

The release said the report recommended that appropriate administrative sanctions should be taken against Mr Awuku, Administrative Manager, for spending moneys without the prior authorisation from the Managing Director.

Mr Awuku in June this year levelled allegations bordering on financial malfeasance against Mr Agyenim-Boateng, Managing Director and Mr John Abrefa, Production Manager.

The SFO instituted investigations, while the Board also set up an enquiry into the same allegations. Following the report of the SFO on its investigations and recommendation that the Board should instituted appropriate sanctions against Mr Awuku, the Board terminated his appointment.

The Board attributed its action to gross insubordination and disloyalty. It explained that as the Administrative Manager, Mr Awuku was the third in the company's command structure and therefore was in a very good position to ascertain the veracity of his allegations.

The Board said, however, that he did not do so because of hatred and jealousy having "closed his mind to all advice and remained impervious to good reason".