Former Chief Executive Officer (CEO) of the Microfinance and Small Loans Centre (MASLOC), Sedina Tamakloe, has been handed a 10-year prison term with hard labor.
Similarly, the former Chief Operating Officer, Daniel Axim, received a five-year sentence with hard labor.
Both individuals were found guilty on 78 counts, including causing financial loss to the state, theft, conspiracy to steal, money laundering, and violating public procurement laws.
The trial, which commenced in 2019, featured six witnesses presented by the state.
Tamakloe was tried in absentia after departing the country for a medical checkup with court permission, while Axim testified in person but did not present any witnesses.
These convictions arose from the misappropriation of funds earmarked for MASLOC activities between 2013 and 2016.
One instance involved the convicts withdrawing GH¢500,000 as a loan for Obaatampa Savings and Loans company but demanding a refund when the financial institution declined to yield a 24% interest rate on the amount.