Isaac Adongo sues the government and the NTHC for the support of GH ¢ 2 billion GAT

Gloria Akuffo is Attorney General and Minister of Justice

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 in pursuit is the National Trust Holding Company (NTHC), the designated shareholder of GAT, an ad hoc vehicle created in December 2018 to badist the ADB Bank, the National Investment Bank (NIB) and three banks to recapitalize on 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 was made available to the Online chartMr. Adongo asks the court to declare the agreement null and void.

He also asks the court to declare that the alleged approval of the Minister of Finance's request for the issuance of a 2 billion GH ¢ sovereign guarantee intended to support the borrowing of funds on the debt market by the GAT to allow him purchase the actions of the selected local banks were also an affront to the BSDI law.

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The Member of Parliament therefore requests an injunction against GAT and the Ministry of Finance for the execution of the agreement.