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PPA boss unable to explain GHS14.8 million in his bank accounts – CHRAJ

Page 164 of the 188-page report of the Commission on Human Right and Administrative Justice (CHRAJ) indicates that Adjenim Boateng Adjei, the dismissed CEO of the Public Procurement Authority (PPA) was unable explain the source of large volumes of financial transactions that passed through his bank accounts between March 2017 and August 2019.

In what is termed“unexplained wealth”, CHRAJ stated that Adjenim Boateng Adjei “handled large volumes of cash exceedingly in excess of his known income as CEO of PPA”.

Data provided by the Financial Intelligence Centre (FIC) and analysed by CHRAJ puts the total transaction during the period within which Adjenim Boateng Adjei assumed office at GH¢ 14.8 million, a combined figure from four USD and Euro accounts held at two banks.

The report explained: “The Respondent [Adjenim Boateng Adjei] opened USD Account No. 9040002473180 at Stanbic Bank on 03 April 2017, after his appointment as CEO of PPA. As of 28 August, 2019, a total amount of USD 516,225 had been credited to the account, and his debits stood at USD 504,607.87. In respect of his Cedi Account No. 9040002313337 at the same bank opened on 21 January, 2017 before his appointment, a total of 3.83 million Cedis was credited and 3.81 million Cedi debited to the account between the date of his appointment as CEO and 29 August, 2019.”

The report continued: “His Euro Account at the same bank also had EU54,500.00 credited and EU37,333 debited for the same period, in addition to his UMB USD Account No. 428872 which had seen cash flow of over 110,000 USD between December 2018 and March 2019 alone.”

CHRAJ said when Adjenim Boateng Adjei was confronted with the evidence of the sheer volume of cash that passed through his account, he denied vehemently and said the amount of money was proceeds from sale of water by Frosty Ice Natural Mineral Water Ltd.

He explained that Frosty Ice Natural Mineral Water Ltd, a company he [Boateng Adjei] owns with his wife, Mercy Adjei, does not have a bank account, the reason the sale of the water is lodged in his account.

Adjenim Boateng Adjei claimed that he received money from other family businesses he had but could not name the family businesses to CHRAJ.

Upon checks from the Registrar-General’s Department, CHRAJ noted that Frosty Ice Natural Mineral Water Ltd was incorporated on January 29, 2019.

“So, how could a company established in 2019 accumulate so much revenue in 2017 and 2018, before its establishment?” CHRAJ quizzed in their report.

The report further stated that Adjenim Boateng Adjei is a director of over 19 companies, but he claims that he did not receive any director’s fee from any of those companies “except Beachfront Stevedoring Company Limited”.

CHRAJ has since referred these findings to the Economic and Organized Crimes Office for further investigations for possible money laundering investigations.

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