The Acting Chief Executive Office (CEO) of the Valco Trust Fund, Kelvin Yeboah, has been granted bail after his arrest following alleged corruption and misuse of funds.
Yeboah has been granted bail whilst the National Investigations Bureau (NIB) continues investigations into his alleged crimes.
Yeboah is accused of misappropriating funds of the Valco Trust Fund including but not limited to spending Ghc190,000 for photoshoot, Ghc17,000 for a website to track schools under trees, a Ghc250,000 expenditure on publicity for Schools under trees and Ghc175,000 for a breakfast meeting with 20 people.
He is also alleged to have attempted to change signatories to the VALCO Trust Fund Bank Account by making himself the sole signatory.
Yeboah allegedly fired some staff members of the organisation for opposing his move.
The Valco Trust Fund is the charity wing of aluminium smelting company, Volta Aluminium Company Limited (Valco) and had been without a board for the past few years.
The Company launched an ambitious project to tackle the menace of schools under trees by constructing, within a projected five-year period, some 5,403 schools that currently operate under trees and which are in dilapidated or makeshift structures.
Mr Yeboah allegedly awarded more than 18 contracts to one company on sole sourcing and without the approval of a board.
Following reports of his conduct, the National Investigations Bureau (NIB) has commenced investigations into the matter.
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