Renowned security consultant, Richard Kumadoe has labeled the Microfinance and Small Loans Centre (MASLOC) as a fraudulent scheme orchestrated by politicians.
This assertion comes in the wake of the sentencing of former Chief Executive Officer (CEO) Sedina Christine Tamakloe Attionu and interdicted Head of Operations Daniel Axim to a combined 15 years in prison.
Justice Afia Serwah Asare-Botwe handed down a 10-year jail term to Mrs. Sedina Tamakloe Attionu and a 5-year term to Daniel Axim, along with fines for each convict.
Speaking on Morning Starr with Francis Abban, the security consultant expressed concerns over the structure and operations of MASLOC.
He emphasized the lack of accountability, recovery plans, and regulatory oversight, branding the entire setup as fraudulent.
Kumadoe suggested that the current MASLOC boss would likely be apprehensive following the sentencing of her predecessors.
He pointed out numerous loopholes in the system, indicating a systemic issue that politicians have ensnared themselves in.
He concluded by highlighting the pervasive fraudulent nature of MASLOC, which he believes poses significant concerns for its current leadership.
“The structure itself is fraudulent, the disbursement procedure is fraudulent, there is no recovery plan, there is no accountability and there is no regulation around it. So what politicians have virtually done is to set up a political fraud entrapment for themselves.
“Today if you consider the current MASLOC boss, she should be worried and I seriously believe she will be worried. Because the whole structure and setup have so many loopholes, it’s total fraud politicians set for themselves,” he added.