Is the Executive Director of a company held accountable for financial transactions he executed without supporting documents proving their connection to the company's activities or their legitimacy?

⚡ Quick Answer:

Yes, the Executive Director is held accountable for financial transactions conducted under his management. The burden of proof falls upon him to establish the legitimacy of these transactions and their connection to the company's activities, especially when transferring amounts to his personal account or to external parties unrelated to the...