An Accra High Court has granted a former Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Sedina Tamakloe, a GH¢5 million bail with two sureties. A second accused, Daniel Axim, who is the former Operations Manager of the firm, was also granted a bail of GH¢1 million with one surety. The two have been ordered to present their passports to the Court’s Registrar. They are are standing trial for causing financial loss to the state, stealing, causing loss to public property, improper payment, among 80 counts. The case was initiated by the Economic and Organised Crime Office (EOCO) after investigations in 2017. The investigations, the charge sheet indicated, revealed that in June 2014, MASLOC invested a sum of GH¢150,000 in Obaatanpa Micro-Finance Company Limited (Obaatanpa), a licensed Tier II microfinance company located at Ejura in the Ashanti Region. Thereafter, the 1st accused person offered Obaatanpa a further investment sum of GH¢500,000. As a result, a MASLOC Agricultural Development Bank (ADB) cheque dated 24th July, 2014, in the sum of GH¢500,000 was drawn in favour of Obaatanpa. Soon after Obaatanpa received the MASLOC cheque, the 1st accused person informed the Board Chairman of Obaatanpa that the investment amount of GH¢500,000 would attract 24% interest. Obaatanpa decided to return the amount to MASLOC since the interest rate being demanded by the accused person was too high and unprofitable for its business and issued a cheque in refund of the loan amount. The facts further state that upon presentation of the cheque, the 1st accused person declined to accept the cheque and made a demand for a cash refund. A cash amount of GH¢500,000 was delivered to the 1st accused person by the Board Chairman of Obaatanpa on the night of 28th August, 2014, at the Baatsona Total Filling Station located on the Spintex Road in Accra. By a letter dated 28th August, 2014, the 1st accused person acknowledged receipt of the refund sum. In 2015, per letters, some of which were under the hand of the accused person, MASLOC made demands on Obaatanpa for the payment of interest on the principal investment sum of GH¢500,000. In response to the demands, Obaatanpa wrote a reminder to MASLOC concerning the payment of the loan amount and drew the 1st accused person’s attention to the unjustified demands whereupon the demands stopped. In 2017, upon the assumption of office of a new Chief Executive of MASLOC, a demand notice was again sent to Obaatanpa for the payment of accrued interest on the same investment sum of GH¢500,000 whereupon Obaatanpa once again informed MASLOC that the said money had already been refunded since 2014. Investigations subsequently showed that MASLOC had no record of the amount having been paid to it and that the 1st accused person had appropriated the amount of GH¢500,000.