The management of the Tema-based Super Paper Products Company (SPPC) has denied media report that the managing director of the company attempted to deposit fake currencies at the Michel Camp branch of Amal Bank. In a statement, the company said its managing director had only taken the bills to the bank for testing, subsequent with an export sale, when it was detected they were fake. The statement however said the MD would be sanctioned stressing that it is against the company’s rules for an MD to handle cash from sales. Reports hit the media on Friday alleging that the MD and another worker of the company had been busted as they attempted to deposit 42,000 euros at the Michel Camp branch of the bank. Read the full statement The Company wishes to address recent speculative media reports concerning fake currency at SPPC. The facts of the matter are as follows: SPPC regularly receives some export revenues in foreign currency from its international customers. Subsequent to an export sale, the MD took some foreign currency to our local bank branch to verify its authenticity, and upon testing, it was discovered that the notes were forgeries. The Company is currently working with our bank and the authorities to locate the original source of this fake currency. It is not Company practice for the MD to handle cash proceeds from sales. In recognition of this procedural lapse the MD will be sanctioned as per Company rules, and has pledged to compensate the Company for any losses resulting from this incident. The Company is also instituting a procedural review to prevent any recurrence of this unfortunate incident. We would like to take this opportunity to thank our valued customers, shareholders and stakeholders for their continued support, and to encourage the Ghanaian public to be vigilant about notes they handle. SPPC and its well-known ROSE Toilet Roll are indispensable part of life for people in Ghana and West Africa. The ROSE brand made SPPC the best performing stock on the GSE in 2008. We will continue to offer our customers exceptional value product, and contribute to the health, hygiene and wellbeing of families and the environment. Thank you.