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The Bolgatanga Central MP, Mr. Isaac Adongo, sued the government and the Ghana Amalgamated Trust (GAT) for using what he described as an illegal method for investing in five indigenous banks.
Added to this is the National Trust Holding Company (NTHC), a designated shareholder of GAT, an ad hoc entity created in December 2018 to badist the ADB Bank, the National Investment Bank (NIB) and three private banks to recapitalize GH. ¢ 400 million.
In his lawsuit, the Member of Parliament stated that the agreement concluded between GAT and each of the banks contravened section 9 (d) of the Banks and Special Deposit Institutions Act (BSDI) 2016. (Law No. 930). status governing the banking sector.
In a writ of which a copy has been made available to Graphic Online, Mr Adongo asks the court to declare the contract null and void.
He also asks the court to declare that the so-called approval of the Minister of Finance's request for the issuance of a sovereign guarantee of GH ¢ 2 billion to support the borrowing of funds on the debt market by GAT to allow it to buy some local banks was also an affront to the BSDI Act.
The Member of Parliament therefore requests an injunction against GAT and the Ministry of Finance for the execution of the agreement.
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