Auditor General report has revealed some distasteful practices championed by the management of the Ghana Cylinder Manufacturing Company.
According to the report, the management of the Ghana Cylinder Manufacturing Company (GCMC) under the leadership of Chief Executive Francis Essiam auctioned some properties of the company including a television set and a sofa for as low as GHC50 and GHC10 respectively in 2017.
Other items including swivel chairs and tables were sold for GHC20 and GHC40.
According to the auditor general’s report into the operations of the company intercepted by Starr News, the entire items auctioned by the management of the firm recently amounted to GHC1,210. The report further noted the amount realised after the auctioning has not been accounted for by the company.
However, in a related development, the Auditor General’s report has indicted the board of the Ghana Cylinder Manufacturing Company (GCMC) of astronomical and illegal increase in the monthly salaries and sitting allowances for the board chair and members between 2016 and 2017.
According to an audit into the operations of the company, monthly fees have seen some 400% increment since the new board took over.
The allowance for the board chair which stood at ghc650 has jumped to GHC3000 while that of members which was GHC 500 has ballooned to GHC2000.
Our review of the first (1st) minutes of the Board of Directors meeting of the Company held on Thursday 2I September, 2017 disclosed that the Board increased their monthly fee, and sitting allowances by themselves instead of seeking approval from members at a general meeting. The monthly fee was increased from GHC650 for Chairman and GC580.00 for members to GHc3,000.00 for Chairman and GHC2,000.00 for members. The sitting allowance was also, increased from GHC600.00 for Chairman and GHC500.00 for members to GHC1000,” the audit report said.
