Movement for Truth and Accountability, an anti-graft civil society pressure group is pursuing four corporate institutions for causing huge financial loss to the State in nature of breach in tax laws and money laundry.
The four companies, Three Hills, Voltic Ghana Limited, Olam Ghana Limited and Ayax reportedly breached the aforementioned laws amounting to over $15 million and have been sued at the High Court in Accra, Tax Division.
According to a statement of claim filed by Movement for Truth and Accountability at the court, Olam Ghana Limited during 2019 allegedly engaged in various economic crimes against the state of Ghana in the nature of anti-money laundering, under invoicing and tax evasion much to the detriment of the economic well-being of Ghana and its citizens.
The group is claiming that Olam Ghana breach of anti-money laundering and Ghana tax law attracted the attention of relevant state institutions including Bank of Ghana, and Ghana Revenue Authority (GRA).
Movement for Truth and Accountability was of the view that GRA who has mandate under the laws of Ghana to hold and prevent Olam Ghana from overreaching the economic interest of the country, has failed/refused, neglected to exercise the statutory powers to ensure Olam Ghana compliance with the tax and trade laws of the country.
According to Movement for Truth and Accountability, credible and available data from GRA shows patently clear that the company activities in nature of money laundering, under invoicing and tax evasion in the year 2019 alone has caused huge financial and revenue loss to the state in the sum of approximately USD$8,161, 904.00.
It continued that official available data confirms that in the year 2019, Olam Ghana declared USD$42,100,000.00 as an amount transferred out of the country ostensibly for the importation of goods but accounted for only USD$33,930, 591.00. This leaves a differential figure of over $ 8million to be accounted for.
It against this calculation that Movement of Truth and Accountability avers that the value of goods brought does not correspond with the amount transferred outside the country as per the amount quoted on the Import Declaration Forms (IDF) issued to Olam Ghana.
The plaintiff further avers that Olam Ghana is subject to the laws of Ghana in its all commercial activities especially to it tax obligations and duty to comply with the anti-money laundering laws of Ghana.
Movement for Truth and Accountability strongly believes that Olam Ghana willful breaches of the laws and GRA seeming connivance are inimical to economic interest and security of Ghana.
The plaintiff contends that economic interest of Ghana would continue to be gravely compromised if Olam Ghana and GRA are not compelled by order of the court honour their obligations to the state.
Movement for Truth and Accountability is therefore asking the court to issue an order for Olam Ghana to refund to the State the sum USD$8,161, 904.00 million being the amount transferred unlawfully outside the country by Olam Ghana of which no account was rendered.
It also want the court to compel GRA to declare and publish IDFs issued to Olam Ghana for imports in the year 2019 but were wrongly applied for some unauthorised purposes.
Finally, the movement want the court to make Olam Ghana to pay the differential tax component of all the under-invoiced transactions engaged with the relevant penalties including any other order the court deem it fit.
Similarly, the Movement also sued Voltic Ghana and Three Hills Ltd at Ogbojo for allegedly engaging in similar crime to the sum of approximately USD$ 7,214, 868, 42.
The movement wants the court to make Three Hills Ltd to pay the differential tax component of all the alleged under-invoiced transactions engaged with the relevant penalties including any other order the court deem it fit.
Ayax, a company in Tema also said to have unlawfully transferred an amount $3,835, 789, 80 outside the country against the anti-money laundering law of the State hence Movement for Truth and Accountability wants the court to compel the company to refund the amount to the state.
Voltic Ghana Ltd was also reportedly caught in similar act which was before the court.
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