Accra, The Accra Regional Tribunal on Thursday granted an interim application filed by the Serious Fraud Office (SFO) asking for confirmation to freeze the assets and bank accounts of two former top officials of the Bank of Ghana.
The SFO froze the assets of Sebastian D. K. N. Gavor Director of the Budget and Accounts Department and Justice Ofosu Larbie Deputy Director of the Banking Department following their dismissal from the bank for their alleged involvement in a 1.5 million-dollar scandal last May.
The three-member tribunal chaired by Mr Justice Benjamin Tetteh ruled that even though the SFO waited for 19 days, instead of the stipulated seven days, before filing the application, it could not be faulted.
The tribunal held that the application was competent, even though SFO charged the respondents with causing financial loss to the state instead of their original charge of conspiracy, and stealing.
Mr Justice Tetteh said if the respondents felt that their rights were being trampled upon by the SFO’s action, they could take the matter up “at another forum”.
After the bank dismissed Gavor and Larbie, the SFO froze their assets and bank accounts on the grounds that while the two men were facing trial, it was its statutory duty to safeguard state property, hence the interim application.
Counsel for SFO, Mr Charles Ofori argued that there is the likelihood that the state would lose if at the end of the trial, the respondents are found guilty but they might have “dissipated all their assets.”
Mr Charles Hayibor, counsel for the respondents, said it is the Bank of Ghana’s duty to freeze the assets and not SFO. He said there was no reason why the application should be entertained.
