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General News of Monday, March 25, 2019
Source: Graphic.com.gh
2019-03-25
Dr. Kwabena Duffour – Majority Shareholder of the Late UniBank
The Commercial Division of the Accra High Court has added the Attorney General (AG) as defendant to a counterclaim filed by three of the 17 former directors of the defunct uniBank who were prosecuted for allegedly collapsing the bank.
The court, presided over by Judge Abena Dadzie, ruled after receiving a motion for joinder filed by the three former directors – Dr. Kwabena Duffuor II, Professor Newman Kwadwo-Kusi and Ms. Boatemaa Kakra Duffuor-Nyarko.
"It is hereby ordered that the Attorney General (A-G) be joined to the prosecution as defendant of the counterclaim.
That the title of the lawsuit be amended accordingly to reflect the junction, "ordered Madam Justice Dadzie.
Suit
The receiver of the uniBank, Nii Amanor Dodoo, sued the remaining three and 14 people on September 4, 2018 for allegedly breaching their fiduciary duties as directors of the bank and, in doing so, have left a debt of GH ¢ 5.7 billion.
Accordingly, the plaintiff requests the High Court to hold the defendants jointly and severally liable for all losses suffered by uniBank Ghana Limited.
Some of the accused are Dr. Kwabena Duffuor, former governor of the BoG; HODA Holdings Ltd., HODA Properties Limited, Integrated Limited Properties, 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 Duffuor II, Kwadwo-Kusi and Duffuor-Nyarko, in their defense, accused the receiver, Nii Dodoo, of publishing a defective report, which would have led to bank failure.
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 entire procedure leading to the alleged appointment of KPMG as an official administrator was unlawful, unlawful 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 BoG described as "poor corporate governance and mismanagement of depositors' funds".
The bank, created by Dr. Duffuor, was one of the five amalgamated banks in the Consolidated Bank, which is an entity wholly owned by the state, after the revocation of their licenses by the BoG.
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