The Bulk Energy Storage and Transportation Limited (BEST), previously known as Bulk Oil Storage and Transportation (BOST), has disclosed that national security agencies are actively pursuing directors of 44 Oil Marketing Companies (OMCs) who have absconded with nearly GH₵60 million in levies owed to the organization.
These OMCs collected levies and margins from the sale of petroleum products but failed to remit the funds to BEST.
Dr. Edwin Provencal, Chief Executive Officer (CEO) of BEST, explained that when petroleum products are purchased, the BEST margin is supposed to be collected by the OMCs and remitted to the National Petroleum Authority (NPA), which then transfers the funds to BEST.
However, these companies failed to follow through on their obligations, leading to significant financial losses.
Dr. Provencal emphasized that BEST is actively working to recover the misappropriated funds and that the directors responsible will be held accountable. He noted that since the money belongs to the government, there is a strong likelihood that the directors will be brought to justice.
“As it stands, we are in court with about 26 of these companies, and we are determined to recover the funds,” Dr. Provencal stated in an interview with Joy News. “For the remaining companies that have gone defunct, we are hopeful that with the government’s support, we can lift the corporate veil and pursue the directors personally.”
He also mentioned that the case has been escalated to the Economic and Organised Crime Office (EOCO), and BEST is collaborating with debt collection agencies to ensure the recovery of the funds. Dr. Provencal highlighted a concerning trend where OMCs set up companies, accumulate the BEST margin for personal use, and then shut down the companies, leaving the debts unpaid.
“It is government money, and we believe we can lift the veil of incorporation to hold these directors accountable and recover the funds,” Dr. Provencal asserted.
