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News from Saturday, February 23, 2019
Source: Starrfm.com.gh
2019-02-23
Dr. Kwabena Duffuor
Dr. Kwabena Duffuor, through his lawyer, Kissi Adjabeng, of Cromwell Gray LLP, filed an application with the High Court asking the Bank of Ghana to disclose certain documents upon which the financial corporation's license now gone, uniBank, had been revoked.
According to the lawyers, the action became necessary because the central bank refused to release the documents despite several requests.
If the petition is confirmed by the court, Nii Amanor Dodoo, the receiver of the Bank of Ghana and Unibank, will be considered contempt of court if they refuse to disclose the documents.
Among the documents required by Dr. Duffuor include: "Notice from the Bank of Ghana to uniBank Ghana Limited revoking its banking license, Bank of Ghana reports that uniBank Ghana limited should be placed in the official administration".
Other: "Purchase and takeover agreement between the plaintiff as receiver of uniBank Ghana limited and four other banks and Consolidated Bank Ghana limited, all correspondence exchanged between the official administrator of uniBank Ghana limited and the Bank of Ghana with respect to the official administration of uniBank especially with respect to the instructions and guidelines of the Bank of Ghana to the official administrator of uniBank Ghana limited. "
the shareholders of uniBank sue AG; claim KPMG misled the government, BoG to revoke their license
The receiver had dragged the bank's 17 shareholders to court to force them to repay a $ 5.7 billion GHS debt they owed to the deceased bank.
The shareholders had previously filed a petition in the court to join the Attorney General in an ongoing case in which the bank's receiver, Nii Amanor Dodoo, sued them.
According to the shareholders, the central bank and the government of Ghana revoked the license of uniBank because they were both misled by the audit firm, KPMG, convinced that it was mismanaged and risked to fall into insolvency.
For them, KPMG's erroneous report formed the basis for the revocation of the bank's license and its good badets ceded to Consolidated Bank Ghana.
Context
UniBank is one of seven local banks that collapsed as a result of what the Central Bank described as poor corporate governance and mismanagement of depositors' funds.
UniBank was also part of the amalgamated banks in Consolidated Bank Ghana Limited.
The central bank, among others, argued that the affected banks were operating with severe capital constraints.
In March 2018, the central bank had announced that uniBank was also on the verge of collapse and had been taken over by the audit firm KPMG Ghana.
The Bank of Ghana reported that UniBank shareholders were using funds from the bank to acquire property in their own name.
According to the central bank, "the shareholders of uniBank and the related parties have admitted to having acquired real estate in their own name using the funds of the bank in dubious circumstances".
The receiver, Mr. Dodoo, then listed 34 properties acquired on behalf of shareholders or related entities that could be used to collect the debt.
Some properties reach millions of dollars.
He said the bank's directors should have detected and prevented the transactions that led to the acquisition of these properties.
Dr. Duffuor's lawsuit against BoG is dismissed
On December 22, 2018, the Supreme Court quashed a lawsuit filed by Mr. Duffuor against the Bank of Ghana (BoG) regarding the revocation of the deceased UniBank's license.
The court, presided over by Judge Angelina Mensah-Homiah, said Dr. Duffuor's lawyers had used the wrong way to obtain a legal address.
Dr. Duffuor filed a lawsuit seeking the bankruptcy of Consolidated Bank's license from the court.
The lawsuit comes three weeks after the BoG revoked the license of UniBank and four other banks due to serious liquidity problems.
The BoG, in turn, challenged the high court's ability to deal with the case.
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