Akene Julius Ngwa prosecuted for embezzlement. This is the former director of UBA Cameroon. The facts date back to 2004.
The former head of the Union Bank of Cameroon (UBC) is being prosecuted for embezzlement. Normally, it is the bank that should have been sued. Having not reimbursed the sums on time, it is he who is in front of the bar. The amount in dispute is a credit of more than 2 billion CFA francs received from the public treasury.
The so-called Akène Julius Ngwa, former Director General of the Union Bank of Cameroon goes to trial at the Special Criminal Court (TCS). He is accompanied by the promoter of altantic Agri-tech, Sanama Avit. They will have to answer for accusations of alleged co-action of embezzlement of 2 billion FCFA, reported the weekly Kalara.
The facts date back to 15 October 2004. At that time, the Technical Supervisory Committee (STC) of the project called the Fertilizer Subsector Reform Program (PRSSE), had authorized the release of the sum of 2.1 billion FCFA for the benefit of the UBC bank. The banker in turn granted loans to the atlantic agri-tech company. These credits were intended for the acquisition and installation of fertilizer equipment and the purchase of 16,000 tons of urea necessary for the production of fertilizers, reports our colleague.
To overwhelm Achene Julius Ngwa, the prosecution relied on statements made by his former collaborator, Gemandze Salubess Johnson. But it limits its responsibility on the use of 700 million FCFA that allowed the construction of the fertilizer plant.
