The Acting Chief Executive Officer of the Valco Trust Fund Kelvin Yeboah who was in the grips of the National Investigations Bureau has been granted bail while investigations continue into his activities.
The Acting CEO came under scrutiny recently for some alleged financial dealings for which he was arrested including spending Ghc190,000 for photoshoot, Ghc17,000 for a website to track schools under trees, a Ghc250,000 expenditure on publicity for Schools under trees and Ghc175,000 for a breakfast meeting with 20 people.
NIB is also investigating whether the Acting CEO on 15th November 2021 attempted to change signatories to the VALCO Trust Fund Bank Account (bank name withheld) by making himself the sole signatory and for which he sacked staff who resisted the move.
While earlier reports suggested he was under investigation by the Office of the Special Prosecutor checks show investigation has not started but a petition has been received about Mr. Yeboah’s alleged dealings regarding the construction of the schools under trees dotted across 15 regions in Ghana.
The CEO allegedly awarded more than 18 contracts to one company on sole sourcing and without the the approval of a board.
The Valco Trust Fund is the charity wing of aluminium smelting company, Volta Aluminium Company Limited (Valco) and had been without a board for a couple of years.
The VALCO Trust Fund in 2020 launched an ambitious project to remove schools under trees in the country with a projected budget of Ghc3.5 billion. The project sought to construct, within a period of five years, some 5,403 schools which currently operate under trees and which are in dilapidated or makeshift structures.
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