The Bulk Energy Storage and Transportation Limited (BEST), formerly known as Bulk Oil Storage and Transportation (BOST), has revealed that the national security is pursuing directors of 44 Oil Marketing Companies (OMCs) who have absconded with nearly GH₵60 million in levies owed to the organisation.
These companies collected levies and margins from the sale of petroleum products but failed to remit the funds to BEST.
The Chief Executive Officer (CEO) of BEST, Dr Edwin Provencal, explained that when petroleum products are purchased, the BEST margin is supposed to be collected by OMCs and remitted to the National Petroleum Authority (NPA) for onward transmission to BEST.
However, these OMCs collected the funds and did not remit them.
He further noted that BEST was working to recover these funds.
He said that since it was government money, he was sure the directors would be held accountable.
“When petroleum products are bought the BOST margin is to be collected by the people who sell the products, the OMCs and these OMCs collect the money and don’t remit the money to NPA for onward transmission to BOST and when it goes on for a while, the company is closed down, you can’t find the directors.
“As we speak, those 44, we are in court with about 26 of them for them to pay the money and then for the rest, the companies are dead. Hopefully, with the power of government, we can raise the veil and go after the directors.
“We have escalated to [Economic and Organised Crime Office] EOCO. We’ve had some debt collection companies with us. We are in court with others so we are working round the clock to collect these monies.
“It is government money, I think that we should be able to raise the veil of incorporation and go after the directors and get them to come and pay the money. What they do is that they set up companies, they rack up the BOST margin, they use it for their personal interest, and they kill the company,” Dr Provencal said in an interview with Joy News.