Bankruptcy restriction on accountant who misappropriated £140K

Image

An assistant accountant from Harrow who misappropriated €160,510 (£138,263) from the Swiss arm of the recruitment company which employed him has been given an 11-year bankruptcy restriction order by the High Court

The court accepted evidence presented by the Insolvency Service, showing Kofi Baffoe-Okine had abused his position of trust, causing a loss to his former employer, resulting in a claim in bankruptcy of £151,067.

The petition was filed by K2 Human Capital Solutions Ltd and K2 Partnering Solutions SA, Baffoe-Okine’s former employer. His total deficiency was £152,139, of which £151,067 was owed to his former employer.

The court heard that Baffoe-Okine was employed as an Assistant Accountant by the K2 Human Capital Solutions in October 2010. His role involved the processing of payments to consultants subcontracted to K2 Group European division.

Between April and July 2012, Baffoe-Okine initiated eight unauthorised payments totalling €160,510 from K2 Partnering Solutions SA bank account, without authority and to bank accounts which were not legitimate consultants engaged by the K2 group.

Baffoe-Okine claimed to have only personally benefited from €15,720 of the €160,510 misappropriated, stating the funds were used to support his living costs when he absconded to Ghana between August 2012 and December 2014. However the Official Receiver has been unable to verify this account.

Andrew Stanley, the Official Receiver from Kent said: ‘Mr Baffoe-Okine held a position of trust with his former employer, which his subsequently breached by carrying out actions of dishonesty.

‘These proceedings should serve to protect the public from any future misconduct by restricting Mr Baffoe-Okine from obtaining credit and acting in the management of a company. The period of restrictions is in the top bracket (the maximum being 15 years) to reflect the seriousness of the case and the high level of the victims that have suffered a loss.

Baffoe-Okine did not defend the proceedings against him.

Pat Sweet | Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

View profile and articles

0
Be the first to vote

Rate this article

Related Articles
Subscribe