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Company News of Friday, March 29, 2019
Source: clbadfmonline.com
2019-03-29
Isaac Adongo, Member of Parliament for Bolgatanga Central
The opposition legislator, Isaac Adongo, has dragged the Ghanaian government to court to claim the sum of 2 billion GHS allied to the Ghana Amalgamated Trust (GAT) to help five local banks in trouble.
The member for Bolgatanga sued the Attorney General, Ghana Amalgamated Trust Limited and the National Trust Holding Company Ltd. as first, second and third accused respectively.
He asks the court for the following adjustments:
1. A statement that the agreements and arrangements between the second defendant and each of the selected local banks under which the second defendant claims to use borrowed funds to purchase the shares of each of the selected banks are unlawful because they are in violation of the law. Section 9 (d) of the Banks and Specialized Deposit Institutions Act, 2016 (Law 930)
2. A statement that the purported approval of the Minister of Finance's request for the issuance of a 2 billion GHS sovereign guarantee for the borrowing of funds in the debt market by the second defendant to allow the second defendant to buy shares in the selected local banks is not used to remedy the violation of the 2016 Law on Banks and Specialized Deposit Institutions (Law 930), which governs the banking sector.
3. A perpetual injunction against the defendants solidarily, to proceed in any manner whatsoever, for the purpose of signing or implementing investment agreements concluded between the second defendant and each of the selected local banks
4. Costs, including legal fees.
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