Free Zones Boss rubbish claims he invested staff Pension Funds in insolvent financial institutions
The Chief Executive Officer (CEO) of the Ghana Free Zones Authority, Mr. Michael Okyere Baafi has denied claims he directed the Pension Funds of staff of the organization to be invested in some insolvent financial institutions in the country .
He told MyNewsGh.com that the claims are pure fabrications by some faceless individuals aimed at ruining his hard won reputation stating that he has, will never and shall never engage in such a practice.
Last week, there were reports suggesting that Mr. Michael Okyere Baafi in concert with some SIC Financial Services managers had instructed that staff Pension Funds be invested in these insolvent financial institutions including; AllTime Finance limited and Ideal Finance limited one of which had its licenses recently revoked by the Bank of Ghana in the financial sector clean up exercise
But reacting to the claim in an exclusive interview with MyNewsGh.com he said “ the Pension Fund (PF) of staff of the Ghana Free Zones Authority even before my appointment was being managed by SIC Financial Services which is state-owned. I have not changed anything and I have not in any way asked executives of the Staff Welfare to invest in an insolvent financial institution. The claims are just absurd and a fiction of someone’s imagination”
According to him, the company relied on SIC financial services to manage its pension funds and therefore had no dealings whatsoever with either AllTime Finance limited or Ideal Finance limited as claimed.
Meanwhile, the executives of Ghana Free Zones Board Staff Welfare have revealed in a communique that they will pursue other avenues with management in other to resolve the matter and ensure that staff contributions are rightly paid to them.
“We as Executives of the Staff Welfare, will still pursue other avenues with management in other to resolve this matter and ensure that, our contributions are rightly paid .The welfare executives are available for any further clarification anyone may need on this matter”
Source: MyNewsGh.com
