Forensic investigations has revealed that Member of Parliament for Bolgatanga Central and Minority Spokesperson on Finance, Isaac Adongo has defaulted heavily on several loan facilities secured from a number of financial institutions primarily to finance his 2016 elections campaign.
According to the banks, the gravity of Adongo’s debt is enough to send them into liquidation, thus compelling them to launch a life-saving attempt to retrieve the money from Hon. Adongo.
Several attempts to get Hon. Adongo to redeem the strangling debt has proved futile, thus causing banks like GN Bank to disgracefully publish his name and face in the newspapers in a way akin to that of wanted armed robbery criminals.
Reliable information has it that preliminary investigations have already revealed that Hon. Isaac Adongo, owner of IA Corporate Services Limited has also notoriously refused to pay contributions owed to Social Security and National Insurance Trust (SSNIT) to the tune of GhC 45,500.
Further checks with the Ghana Revenue Authority so far has also exposed Hon. Adongo as a dishonorable tax defaulter, owing a whopping GhC 150.138.25 in tax arrears so far with more than half of his shady transactions yet to be audited.
The deafening height of hypocrisy here is that the same person blessed with a shameful notoriety for churning out voodoo finance and economic figures as well as a knack for criticizing government for not generating enough tax revenue has stubbornly not been able to pay up on the gargantuan sums owed the country.
Another matter of grave concern in this serious financial crime is that aside the SSNIT and Tax debts owed government, 90% of Hon. Adongo’s bank debts were contracted from indigenous fledgling banks pushing them to the brink of collapse.
It’s therefore only a matter of time that Hon. Adongo may be whisked before the appropriate bodies to face serious penal charges and subsequent prosecution.