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Frances Essiam suspended as CEO of Gas Cylinder Company

  • SOURCE: citibusinessnews.com | Citi FM
    • POSTED ON: May 9, 2018
    • CATEGORY:

    Six out of the nine Board Members of the Ghana Cylinder Manufacturing Company Limited, have taken a decision to suspend the Chief Executive Officer of the company, Frances Essiam.

    Her suspension comes on the back of a disagreement with the Board Members during which she locked them out on Tuesday afternoon when they attempted to hold a meeting at the premises.

    The Board had reportedly queried Madam Essiam over claims that she has mismanaged GCMC, and also awarded some contracts without the approval of the Board or the Energy Ministry.

    A letter from the company’s Board had warned Madam Essiam to stay off the disbursement of a GH¢5million stimulus package sought by the government for the company.

    The letter titled: ‘Urgent issues for which the Board needs answers from the CEO’ dated April 13, 2018, and signed by the Board Chairman, former Effiduase-Asokore MP, Frank Boakye Agyen, questioned why Madam Essiam never sought approval from the Ministry of Energy before awarding several contracts.

    “You verbally informed the Board but belatedly after you borrowed money to enable you to pay the salaries of the workers for February 2018. Please explain why you did not seek the Board’s approval before contracting the loan to pay workers” the letter said.

    “….at the meeting of the board on the 5th of April 2018, members unanimously asked me to write to you to demand answers for the following actions of yours; in ordering the company’s old and disused machinery for sale as scraps, did you follow due process laid by law? If yes, please state the processes you followed,” it added.

    Madam Frances Essiam has however denied the claims.

    Following the lockout, the members of the Board held the meeting outside the premises of the company, where the six members of the Board approved a decision to suspend her.

    It is as yet unclear how Madam Essiam will respond to the decision by the six board members to suspend her.

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