In a developing corporate scandal, Angela List, a former dual-role board member and Administration & Finance Director of BCM International Ltd, is still being pursued for embezzling millions of dollars from the company for personal gain between 2019 and 2020.
According to an internal audit following her sudden resignation in October 2020, Ms. List instructed a subordinate to execute unauthorized transfers from BCM International Ltd’s accounts to various entities.
The transactions, totaling approximately $ 8 million equivalent, are alleged to have been for her personal benefit, with no connection to company operations or legitimate business dealings.
Transfers to Paul Ramlot & Corporate Legal Concept
The audit revealed that out of the above figure, a total amount of €1,900,000 has been transferred in various tranches to Paul Ramlot & Corporate Legal Concept.
These funds were reportedly used to purchase Lou Moon Resort, which was registered under Notre Dame Investments Ltd—a company solely owned by Ms. List.
Discovery and Investigation
Ms. List resigned abruptly in October 2020, leaving her position without proper notice.
Her departure prompted an audit of company accounts, revealing the unauthorized transfers.
The CEO and board chairman, who were unaware of the transactions, have confirmed that no approvals were granted for the transfers.
Further investigations found that the transactions were executed under the pretext of official business but were, in fact, for personal investments. The findings include a share transfer agreement showing the Lou Moon Resort was registered under Notre Dame Investments Ltd, her personal company.
Her actions, described as a criminal misuse of company funds, violated her obligation to act in the best interest of BCM International Ltd.
BCM International Ltd has vowed to pursue legal action, citing breaches of criminal law. The company is expected to file complaints with relevant authorities to recover the misappropriated funds and seek sanctions against Ms. List.
Meanwhile, in response to the above allegations, Angela List indicated that she is a shareholder of the companies referred to and she has never embezzled money from any company.
According to her, she has rather invested in BCM international and at all times was sending monies to BCM Ghana and BCM International to keep those businesses going.
“The matter is in court and anything they do prejudices the case. I don’t want to have to add this to the defamation matter,” she said.