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Dr. Kwabena Duffour – Majority Shareholder of the Late UniBank
Three of the 17 defendants in a lawsuit filed against the administrators of the late UniBank and others for their various roles in the collapse of the bank filed a petition asking the High Court to join the Attorney General to the one accused.
Dr. Kwabena Duffuor II, Professor Newman Kwadwo-Kusi and Ms. Boatemaa Kakra Duffuor-Nyarko wish the court to join the A-G as the 18th accused.
The motion for joinder, filed on January 31, 2019 by his lawyer, Mr. Yaw Oppong, on behalf of the accused, will be heard on February 12, 2019.
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affidavit
An affidavit in support of Kwadwo-Kusi's application for the defendants indicated that the KPMG report, which had prompted the government to take over the bank, was full of misrepresentations.
According to the newspaper, the report did not take into account the future prospects of the bank and instead induces the government and the Bank of Ghana (BoG) in error for them to take control form the bank.
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According to the affidavit, following the filing by the defendants of a counterclaim, the defense lawyers indicated that the notice of the intention to join the AG in the lawsuit was communicated to this one.
The affidavit further argued that joining the justice of the peace as a party to the prosecution would enable the court to "effectively and thoroughly determine the elements of this lawsuit in order to avoid the multiplicity of prosecution, with concomitant expenses ".
Suit
The receiver of the uniBank, Nii Amanor Dodoo, sued the three and fourteen other people on September 4, 2018 for breaching their fiduciary duties as directors of the bank and leaving them with a debt of 5.7 billion GH ¢.
Accordingly, the plaintiff requests the High Court to hold the defendants jointly and severally liable for all losses suffered by uniBank Ghana Limited.
The other defendants are Dr. Kwabena Duffuor, HODA Holdings Ltd., HODA Properties Limited, Integrated Properties Ltd., Alban Logistics Limited, Starlife Assurance and Bolton Portfolio Limited.
The others are Opoku Gyamfi Boateng, Owusu Ansah Awere, Ekow Nyarko Dadzie-Dennis, Clifford Duke Mettle, Kofi Kyereh Darkwah, Nana Boakye Asafu-Adjaye and Alex Gaddiel Buabeng.
Counterclaim
However, three of the defendants, the receiver of Unibank, filed a lawsuit for causing the repayment of the debt of 5.7 billion GH ¢ to the bank last September.
Drs Kwabena Duffuor II, Newman Kwadwo-Kusi and Boatemaa Kakra Duffuor-Nyarko, in their defense, accused the receiver, Nii Dodoo, of publishing a false report that led to bankruptcy.
In a counterclaim, the three argue that the BoG would not have revoked the single bank's license "without the misrepresentation and rent-seeking behavior of KPMG and the receiver".
The defendants therefore request a declaration that the whole procedure leading up to the so-called appointment of KPMG as an official administrator was illegal, illegal and contrary to the practice and practice acceptable and in force in the banking sector.
Context
UniBank was one of eight local banks collapsing as a result of what the Bank of Ghana (BoG) called "poor corporate governance and mismanagement of depositors' funds".
The bank, created by Dr. Duffuor, former governor of the BoG, was one of the five amalgamated banks in the Consolidated Bank, which is a wholly-owned entity by the state, after the revocation of their licenses by the BoG.
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