- National security is pursuing directors of 44 oil marketing companies
- They have vanished with nearly GH₵60 million in levies
- BEST is working diligently to recover the missing funds
National security is pursuing directors of 44 oil marketing companies that have vanished with nearly GH₵60 million in levies owed to Bulk Energy Storage and Transportation Limited (BEST).
These companies collected levies and margins from the sale of petroleum products but failed to remit the funds to BEST.
The Auditor General’s 2023 audited accounts confirmed this, but many of these companies are untraceable.
BEST’s CEO, Dr. Edwin Provencal, revealed that national security is tracking down the directors for potential prosecution.
He explained that oil marketing companies (OMCs) are supposed to collect the BOST margin and remit it to the National Petroleum Authority (NPA), which then transmits it to BEST.
However, these OMCs collected the funds but failed to remit them.
“Many of these companies have closed down, and their directors are nowhere to be found,” said Dr. Provencal. “We have legal cases against 26 of these companies, but the rest have disappeared. We are working with EOCO and debt collection agencies to pursue the directors.”
Dr. Provencal emphasized the importance of recovering these funds, as they are government money.
He stressed the need to lift the veil of incorporation to hold the directors personally accountable. “They set up companies, collected the BOST margin, used it for their personal gain, and then abandoned the companies,” he added.
BEST is working diligently to recover the missing funds and ensure that those responsible are held accountable.
