The Finance Director for Kumasi Metropolitan Assembly (KMA), David Abbam Adjei, has accused Fidelity Bank of violating the terms of their loan agreement.
This comes in the wake of controversies surrounding the disappearance of GH¢3.6 million from a project fund.
The GH₵ 5 million loan according to the Finance Director was for the continuation of the stalled Krofrom Market project initiated by the erstwhile John Agyekum Kufour’s administration.
Mr Adjei has explained that, per the terms of the agreement, the bank was to pay the loan directly into KMA’s account if approved for onward disbursement.
However, he claims the former KMA boss, Osei Assibey Antwi, in a letter instructed Fidelity Bank to pay an additional GH₵3 million directly to the contractor.
“We were asking for GH₵5 million, you open an account, you put the money in the account, and the money is disbursed. But the money was directly disbursed to the contractors, that’s not the normal thing,” he said.
The Finance Director also indicated the bank account was opened without his consent nor the Coordinating Director, who are the signatories for financial services.
“If you ask whether an account was opened, it was later we started our investigation became aware that an account was opened,” he added.
