HIPPO Group of companies has denied complicity in any wrong doing by a state agent in reported import tax invasion of US$48.4 million captured in an alleged audit report.

The company, which deals in Commodities and transport has further contacted the Chief of Staff at the Presidency, source of the audit report sourced by media reports, for formal clarification on the allegation of tax evasion made against it.

These sentiments were contained in a press release dated October 29, and signed by the Chief Executive Officer (CEO) of HIPPO Limited, Dr. Kofi Sarpong to disabuse people's minds from having evaded any tax due to the country.

HIPPO Limited was mentioned together with other companies in media reports for having evaded a total amount of US$367million, which is contained in an audit report.

It also intimated that it had not been formally informed about any audit report on the operations of the bonded warehouse or invited to participate in any audit, to enable it defend itself against the serious criminal offences leveled against it. This it noted was against the rules of natural justice.

"It is in that sense highly unfair that though no formal notification of an audit of the bonded warehouse operations was received from any 'task force' and HIPPO was not invited to participate in any such audit, entirely and manifestly against the rules of natural justices, HIPPO is unable to defend itself against the grave criminal offences being alleged without the benefit of any report, draft or otherwise", HIPPO Limited asserted.

The company has however, offered to cooperate with any clear and fair process that will not only clear issues pertaining to its transactions with the use of the bonded warehouse but also clear its reputation from public scorn following the allegations leveled against it and also show that it has adequately discharged its legal obligations to the statutory revenue agencies.

According to HIPPO Limited, in so far as it does not support criminality of any degree in the operations of corporate organizations, it was extremely careful building a successful corporate body and a solid indigenous entrepreneurial front by abiding by the enforcement of statutory requirements.

It further expressed grave concern and denied a damaging rumour that HIPPO's 200 strong truck haulage fleet was acquired by President John Mahama. The company further indicated that during its booming commodity business in the era of the New Patriotic Party (NPP) government, rumours were rife that that then President John Kuffour owned it.

 In its reaction, the company explained the trucks were financed with export guarantees from Germany and Sweden with the support of HFC bank.

The guarantees, the company noted were acquired based on its strength of good corporate track record.  

HIPPO Limited pointed out that these rumours seriously damage indigenous businessmen as it reduces their confidence and restricts prospects that could turned them into employment giants in the country.

The company was incorporated thirty years ago with Ghanaian management and has grown into a large group. HIPPO Limited supports over 500 Ghanaian work force and indirectly supports many incomes in the financial, cross boarder and retail trading sectors of the economy.