Former CEO of MASLOC, Sedinam Tamakloe, has been sentenced to 10 years in prison with hard labour, while former Chief Operating Officer Daniel Axim received a five-year jail term with hard labor.

They were convicted on 78 counts, including causing financial loss to the state, theft, conspiracy to steal, money laundering, and violating public procurement laws.

The trial, ongoing since 2019, saw six witnesses called by the state. 

Ms Tamakloe was tried in absentia after leaving the country for medical treatment, while Axim testified in person but did not present any witnesses.

The charges stem from misappropriation of funds allocated for MASLOC activities between 2013 and 2016.

One instance involved the withdrawal of GH¢500,000 as a loan for Obaatampa Savings and Loans, with demands for repayment when the institution refused a 24% interest rate. 

Although evidence showed repayment, it was not reflected in MASLOC's accounts.

They were also found guilty of misappropriating over 1.7 million Ghana cedis meant for a sensitization exercise, where only a fraction reached beneficiaries.

In another case, funds meant for victims of a fire incident were not fully disbursed, with a significant portion appropriated by the accused.

Additionally, the purchase of vehicles and Samsung phones for MASLOC involved payments exceeding market prices, despite being bought in bulk.

The evidence indicated discrepancies in amounts disbursed compared to prevailing market rates.