State to prosecute Kofi Akpaloo and wife over alleged misappropriation of COCOBOD fund

The Attorney-General and Minister for Justice, Dr. Dominic Ayine, has revealed that the state will take legal action against Percival Kofi Akpaloo, the Founder and Leader of the Liberal Party of Ghana (LPG), his wife, and a company associated with them, concerning an alleged misappropriation of GH¢3,169,432.22 meant for a COCOBOD contract.

During the Government Accountability Series held in Accra on Monday, Dr. Ayine stated that the case originated when the Financial Intelligence Centre (FIC) highlighted a suspicious transaction report from First Bank Ghana Limited related to an account of Pomaa Universal Ghana Limited, a firm associated with Mr. Akpaloo.

After the alert, the Economic and Organised Crime Office (EOCO) initiated inquiries that uncovered that Pomaa Universal Ghana Limited, managed by Akua Pomaa, was granted a GH¢29.5 million feeder roads contract from COCOBOD in December 2020.

Although the initial payments were accurately credited to Pomaa Universal Ghana Limited’s account, later transactions caused worries. Investigators revealed that Mr. Akpaloo reportedly set up another company with a slightly changed name, Pomaaah Ghana Limited, and between December 2022 and June 2024, he deposited eight COCOBOD cheques, amounting to GH¢3,169,432.22, into the new account.

Dr. Ayine mentioned that Akua Pomaa did not know about Pomaaah Ghana Limited or the misappropriated funds until COCOBOD reached out to her in June 2024 regarding unpaid balances. Investigators discovered proof that her signature was been falsified on the contract, using her previous name, Mercy Owusu, without permission.

First Bank Ghana Limited carried out an internal investigation, verifying that Mr. Akpaloo falsely claimed ownership of the cheques and sent them to an incorrect account.

The individuals identified in the case are Percival Kofi Akpaloo, Pomaaah Ghana Limited, and his wife Delvin Akpaloo. Dr. Ayine stated that the evidence suggests crimes such as theft, forgery, and money laundering.

Source: Ghanatodayonline.com