A Sunyani Circuit Court on Wednesday granted 300 million cedis bail to Kusi Kyere, a 49-year-old teacher, who allegedly embezzled more than 252 million cedis belonging to a Berekum Area Teachers Co-operative Credit Union.

Kyere pleaded not guilty to 167 counts of falsification and stealing and the court, presided by Mr Kofi Debrah, ordered him to re-appear on March 18.

Prosecuting, Mr Cab-Bayuo, Brong Ahafo Regional State Attorney, told the court that the accused was the manager/treasurer of the union between 1983 and 2001.

On his transfer to the Berekum District Education office in September 2001, a new manager was appointed and a three-man audit team appointed by the Union's Board of Directors discovered that the accused between 2000 and 2001 altered amounts on cheques endorsed by the authorised signatories to read higher amounts.

The accused through such falsification, succeeded in stealing the total of 35,547,000 cedis from the account of the union, he said.

The Prosecutor said Kusi could not also account for more than 26,310,349 cedis 53 pesewas and to cover up the deal, he stole the union's cash records book, the general ledger and Ghana Commercial Bank (GCB) limited counterfoil cheques numbers from 220851 to 220900.

The audit team also detected that between 1998 and June 2001, the accused could also not account for members' savings, amounting to 191,039,227 cedis and 20 pesewas and the journal and cash records together with the general ledger covering the period could also not be traced.