Trouble Looms @ BOST …As MD Cited For Causing Serious Financial Loss

Reports from the Supreme Court indicate a worrying situation at the Bulk Oil Storage and Transportation (BOST) Company Limited.

Credible information available to this paper has it that the apex court has passed judgment against BOST on a matter that a board member kicked strongly against the continuation of the case but the Managing Director (MD) Edwin Provencal together with others convinced the Board of Directors that BOST will win the case on Appeal, although the company had a weak case.

Interestingly, BOST was ordered to pay an initial amount of 9.8million dollars together with interest which Hask oil was willing to accommodate.

It has however emerged that the Bank accounts of BOST has been garnisheed for non-payment of the 28 million dollars to Hask oil of which initially, Hask oil agreed to BOST’s payment plan when it won the  case against state company.

This paper has gathered that Edwin Provencal, upon assumption of office, immediately agreed to pursue the case in Court without proper consultation.

This is the second in a roll that Edwin Provencal, the and others have caused serious financial loss to BOST by their misguided actions which ultimately, the poor taxpayer is called upon to pay thus depriving them essential social services from government.

It could be recalled that in December 2020, BOST was forced to pay 5million dollars for land acquired in Tema after making 3million dollars deposit.

But the company defaulted on the terms of payment and the MD decided to continue the case in court as usual against all legal advice to have a negotiated settlement on matters where BOST is legally exposed to paying huge sums of money.

Many people following happenings at BOST are of the view that some of these legal costs against BOST are carefully orchestrated to milk the company.

Currently BOST has no other major sources to generate internally and additional funds to sustain the company and solely depends on the BOST margins which the government approved last year.

This margins approved by government is said to have been misapplied to pay orchestrated legal fees and debts.

In another development, the lawyer who represented the land owner in Tema who got default judgment against BOST in December, 2020 which the company is paying religiously, almost one million dollars every 2 months, has been sacked.

Meanwhile, the lawyer has also sued his client for none payment of his legal fees.

It is alleged that this is because the land owner is now dealing directly with those who approved and signed his pay cheque at BOST.

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