Business News of Friday, 2 September 2016Source: Business in CameroonBPCE bought 1,000 fictional safes and 450 imaginary vehiclesBPCE BankThe modus operandi used by the management of Banque Internationale du Cameroun pour l’Epargne et le Crédit (BICEC), to embezzle funds from this subsidiary of the French group BPCE, is getting known. According to Quotidien Mutations, who cites sources close to the affair, it was the discovery, in early 2016, of unrealistic procurement invoices by the firm Seaca, which led to the discovery of the truth. Purchases which the Seaca experts deemed suspect, since usually, BICEC procures its official vehicles solely through a leasing option (hire with a purchase option) from dealerships. Network which, according to the conclusions of the investigation, caused BICEC a financial loss estimated at over FCfa 50 billion over a period of 12 years. Through over-invoicing and fake invoices, regularly payed to service providers “via an off the record system”.

Source: CameroonWeb September 02, 2016 12:04 UTC