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BDCs reject fake audit report

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Chamber of Bulk Oil Distributors has rejected accusations of fraud being levelled against them based on an audit of their business dealings with the Bulk Oil Storage Company.

According to a report in the state-owned Daily Graphic, the audit covered a three year period and suggest that there has been collusion between the BCDs and some officers of BOST to under value the quantum of storage services provided.

It also suggests that the BCD’s rather owe BOST and in effect government.

However, Senyo Hosi, Chief Executive of the Chamber of Bulk Oil Distributors told Joy News the document the media relied on for their report was “totally doctored” and “fake”.

“I have every reason to suggest that none of the words reflect on any audit yet to be commissioned,” he said.

Mr. Hosi said it would be impossible for the bulk oil distribution companies (BDCs) to overdraw from BOST under the period the disputed draft audit report claimed.  BOST had no strategic stock throughout the period in question and the BDCs have served as strategic reserve, he explained, “so there is no way you who had nothing I can steal from you or I can draw from you; it is just not possible”.

Meanwhile, the Ghana Chamber of Bulk Oil Distributors in a statement described the report as “completely false”.

“We are by this appealing to all Bulk Oil Distribution Companies, oil financing banks and the public to remain calm in the face of these unfounded allegations.”

Below is the full statement

RE: ANTI-CORRUPTION DRIVE: MASSIVE FRAUD EXPOSED — BOST OFFICIALS, BDCs CITED.

RE: BDCs CONFESS TO COLLUSION WITH PUBLIC SERVANTS AT BOST TO LOOT STATE COFFERS

It has come to the attention of the Management and Board of the Ghana Chamber of Bulk Oil Distributors (CBOD) a publication on the front page of the Daily Graphic and Daily Post on Thursday, 23rd April, 2015, and captioned as above.

To the extent that the allegations contained in the publication are completely false, and impute serious criminal conduct to unnamed Bulk Oil Distribution Companies, CBOD is giving it the seriousness it deserves. It must be noted unambiguously that:

1. There has been no fraud on the part of industry in our dealings with BOST.

2. Neither has industry connived with any officials to loot the coffers of the State.

3. There are no confessions to any collusion to loot coffers of the State.

The attempt by perpetrators of the story to blend voice recordings of evidence given in camera at sittings by a committee set up by the Energy Ministry, to look into complaints by BDCs against some BOST officials, held 3 yrs ago, with an unrelated stock reconciliation audit is most disingenuous and unfortunate.

The Board in consultation with management has resolved to organize a press conference on Monday, April 27th, 2015 to address the allegations of fraud.

We are by this appealing to all Bulk Oil Distribution Companies, oil financing banks and the public to remain calm in the face of these unfounded allegations.

Thank you and God Bless Our Homeland Ghana!

Source: http://www.myjoyonline.com/business/2015/April-23rd/bdcs-reject-fake-audit-report.php#sthash.5NfkFdi7.dpuf

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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