Former Managing Director of SIC Life Savings and Loans, Amma Frimpomaa Dwumah, has honoured an invitation from the Economic and Organised Crime Office (EOCO) as investigations continue into an alleged criminal conspiracy associated with financial losses estimated at approximately GH¢27 million.
In a statement dated October 13, 2026, EOCO disclosed that inquiries into the alleged scheme, which reportedly affected SIC Savings and Loans Company Limited, were progressing steadily. The Office confirmed that Ms Dwumah was cooperating with investigators as they sought to establish the circumstances surrounding the suspected financial misconduct.
EOCO also confirmed that the Member of Parliament for Suame, John Darko, had appeared at its offices at exactly noon on Tuesday, October 13, to assist with information relevant to the investigation. According to the Office, the legislator responded to investigators’ questions and cooperated throughout the process before being granted enquiry bail.
The Office explained that its decision to grant bail took into account the circumstances of the case, the applicable legal provisions and the level of cooperation demonstrated during the inquiry. It emphasised, however, that investigations remained active and that no final determination had been made regarding the responsibility or otherwise of any individual connected to the matter.
Mr Darko has separately denied any involvement in an alleged arrangement involving SIC Savings and Loans Company Limited and Equity Savings and Loans Limited that reportedly resulted in financial losses to SIC.
Following his appearance before EOCO on Tuesday, his lawyers, Darko, Keli Delataa and Company, issued a statement on Wednesday, October 14, clarifying his involvement in the underlying dispute. The legal team said the interrogation concerned his previous work as counsel for Equity during litigation with SIC over a matured investment that had remained unpaid, as well as his membership of Equity’s board between 2015 and 2023.
According to the lawyers, Mr Darko informed investigators that his professional involvement was confined to the litigation and the recovery of portions of the judgment awards obtained in favour of SIC. They maintained that neither the legislator nor his legal practice participated in any subsequent settlement reached between the parties.
The firm further stated that it had no knowledge of Equity’s decision to transfer land that had been attached through judicial proceedings to a third party, Eco Swiss Investment Limited. It explained that its legal engagement with Equity had already ended because of unpaid professional fees before the developments surrounding the subsequent settlement took place.
“Our client had ceased to be a board member of Equity by September 2023 and was certainly not a participant in any decision to compromise a court judgment in a conspiratorial scheme to deny SIC the benefits of its judicial awards,” the statement said.
The lawyers insisted that Mr Darko had acted within the limits of his professional responsibilities and was not involved in any alleged arrangement intended to deprive SIC of the benefits of its court judgments. They added that their client remained willing to provide further assistance to investigators whenever required.
The investigation centres partly on a settlement reached in July 2024 involving SIC, Equity and Eco Swiss Investment Limited. Under the reported arrangement, SIC agreed to accept GH¢5 million as full and final settlement of a revised judgment debt of GH¢14.85 million.
EOCO has estimated the financial loss associated with the alleged conspiracy at approximately GH¢27 million, although the precise circumstances and extent of the suspected loss remain matters for investigation.
The case has also involved the Member of Parliament for Manhyia South, Nana Agyei Baffour Awuah, who has been charged with conspiracy to commit a crime, intentionally causing financial loss to a public body and money laundering.
Mr Darko’s legal team commended EOCO investigators for their professionalism and the courtesies extended to the legislator during questioning. The firm reiterated that its dealings with Equity had been conducted ethically and professionally, in accordance with the standards governing legal practice.
EOCO has maintained that its investigations are continuing and that no definitive conclusion has been reached concerning the culpability of those connected to the matter. The allegations therefore remain subject to the investigative process and any subsequent judicial proceedings.
