Massive rot has been uncovered at the Bulk Oil Storage and Transportation Company Limited (BOST) with some former management staff under interdiction including the former General Manager in charge of Finance.

Various sums of monies have been misappropriated either through ‘suspicious’ or over priced contracts which has milked the company’s finances. The current management of BOST under the leadership of Alfred Obeng Boateng has suspended some of the contracts from being executed and has instituted investigations into them.

These decisions by the new management has ruffled feathers of the previous management which was under the leadership of Nana Awuah Darko. In a statement from BOST, it was evident that several millions of dollars was being paid for contracts that were yet to be fully executed.

Similarly some funds were being siphoned through dubious means to the detriment of the company.

Below is the full statement from BOST

THE INHERITED ROT AT BOST!! ALFRED OBENG’S CLEAN UP CAUSES FEAR AND PANIC FROM DIFFERENT FRONTS Kwame Awuah- Darko created a fictitious account in the name of “Chief of Staff Sundry account” and transferred an accumulated amount of GHS 40.5 million for a period of 13 months with the help of the then Acting General Manager, Finance.

The last payment into the account was effected on January 2017 before Mr. Alfred Obeng Boateng took over as the MD. The Acting General Manager, Finance is on interdiction in connection with the issue. Another staff in the Trading department took product procured by the new MD worth over $33million and gave it out without the MD’s approval to honor a dubious holding certificate created by Kwame Awuah- Darko.

The staff in question has been interdicted to enable management investigate the matter. Under the old administration an overpriced contract of $39 million was awarded to Rolider to build BOST head office under sole sourcing. Under the leadership of Mr. Alfred Obeng Boateng he directed that the contract be suspended which the company has agreed in principle to reduce the contract price.

A Contract of $19m was awarded to Amandi to construct a pipeline from Accra Plains Depot to Akosombo depot but even though the pipeline to be laid, it is still lying in America, Kwame Awuah- Darko signed to commit the company and took his share. The new MD has suspended the contract to pave way for thorough investigation because he believes that it was overpriced.

Kwame Awuah- Darko signed contract with Merson Capital to source funds for BOST to embark on projects, since 22nd July, 2014 which they failed to bring any money to BOST. Meanwhile, BOST was paying $ 50,000 per month to the company for over 3 years. Surprisingly the former MD paid ‘success fees’ of $ 89,000 for the mere fact that the company arranged a meeting with supposed investor which never materialized, in addition to the sum of $ 1,800,000 paid over the 3 years.

The new MD has suspended the contract to prevent further wastage of BOST’s funds. It is a shame that those who are claiming that the off-spec product which was sold has found its way onto the market have not been able to name even one filling station selling the product. They are doing this to tarnish image of Mr. Alfred Obeng Boateng, the New MD of BOST.

It is also important to note that, the recent off-spec product in question occurred in January when Alfred Obeng had not taken office.

These are a few of the issues why some people are attacking the Managing director because he is doing the right thing.

They are using off-spec product sales which is part of our normal trading activity to create an impression as if he has committed a crime, all in an attempt to destabilize him to shift his focus from the right things he has started