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- The Bank of Ghana has revoked this month the Heritage Bank license.
- Dr. Addison, governor of the BoG, revealed that the Heritage Bank "had obtained its license with sources of doubtful capital".
- However, majority shareholder Seidu Agongo said the BoG's claim was aggrieved.
The majority shareholder of the late Heritage Bank, Seidu Agongo, said that the Bank of Ghana's claim that it was not good enough to become the bank's major shareholder was detrimental.
Earlier this month, the BoG revoked the Heritage Bank license. Dr. Ernest Addison, governor of the central bank, said it was because the bank's initial funding source is currently the foundation for criminal prosecution in court.
He added that Seidu Agongo was not a "fit and fit person" to be a major shareholder of HBL.
In a statement, however, Mr. Agongo indicated that the decision of the Board of Directors was pre-judged, which should not have happened.
"The determination that I am not a fit and fit person to be a significant shareholder of HBL because the Central Bank suspects that funds come from illicit or suspicious contracts with Cocobod is not solely intended to prejudge the Outcome of the criminal proceedings. but also a violation of the principle of presumption of innocence to which every individual is entitled. Since when does suspicion replace credible evidence?
He insisted that when HBL was created, "I did not behave in a devious way and, as the Central Bank has often testified, HBL was a very well-governed Ghanaian bank. , which remained solvent until the end.
Below the complete statement
REVOCATION OF THE BANK OF HERITAGE BANK (IN RECEPTION) – PRESS RELEASE BY MR. SEIDU AGONGO; MAJORITY SHAREHOLDER (SIGNIFICANT SHAREHOLDER)
On Friday, January 4, 2019, the Bank of Ghana publicly announced the revocation of the Heritage Bank Limited ("HBL") banking license. In doing so, the Central Bank, through its governor, motivated its decision for four reasons.
They are as follows:
That the Central Bank was wary of the sources of financing constituting the capital of HBL, because it had reason to believe that this capital came from contractual payments made by the Ghana Cocoa Board (Cocobod) (Cocobod), payments that make currently the subject of criminal prosecution. ;
That the central bank had problems with the HBL shareholding; more specifically, the alleged non-disclosure of beneficial ownership of certain shares of HBL;
That a number of related party transactions involving HBL were not irrelevant; and that, as a major shareholder of HBL, I was not a "fit and fit person" to hold HBL shares.
In a press release issued by the members of the former board of directors of HBL, the board of directors set out in full the reasons why, in their opinion, the decision of the Bank central to revoke HBL's license was confusing and extremely misleading as to the content. and unfair in its ultimate consequence. Although I absolutely agree with the opinions and feelings expressed in the press release of the HBL Board of Directors; I consider it necessary, for the reasons set out below, to make this statement noting not only my personal disagreement with the decision of the Central Bank; but specifically to respond to the Central Bank's so-called determination that I was not a "fit and fit person" to continue to be a significant shareholder of HBL; as I see it as an attempt by the Central Bank or its controllers to ruin me for reasons other than those apparent.
It will be a euphemism to say that I was taken by surprise by the said announcement. Indeed, in all my dealings with the Central Bank concerning the affairs of HBL, the Central Bank has never at any time indicated, to my knowledge or on its board of directors (to my knowledge), that She feared my role would be important. shareholder or a shareholder from elsewhere of HBL. Indeed, in all our interactions, official and unofficial, I had the impression that the Central Bank held me in great esteem as a shareholder of HBL, because I had dealt openly and transparently with the Bank. central and its main officials questions regarding HBL's business.
The purported determination that I am not a fit and fit person to be a significant shareholder of HBL could have been taken only in bad faith, as it is now obvious that the Central Bank itself does not have a right to do so. did not respect the basic standards of property and franchise. deal with me and with HBL in this regard. Until the press conference at which the announcement was made, the Central Bank had promised, as well as to HBL, through the intermediary of its directors and the leaders, to forecast the future prospects of HBL and its maintenance as a banking business.
Indeed, in addition to the rather superficial reference to my subject which is the subject of pending criminal proceedings and the suspicion of the Central Bank that the sources of funding for the capitalization of HBL could have come from the product of contracts concluded with Cocobod, the Central Bank has: date, I have not made available to me the factual basis on which it has concluded that I am not fit and able to be a significant shareholder of HBL. At the time of this statement, as at the Governor's press conference, neither the High Court nor any other authority in the matter had determined that the funds derived from contracts with Cocobod were in any way whatsoever. illegal or criminal form justifying my qualification by the Central Bank as inadequate. Considering the serious consequences that this determination suggests to my life and to my professional badociations, both national and foreign, one might have thought that the Central Bank, as a regulator, would have been more deliberate in its approach to reaching such a conclusion and arrogant; if this determination was not motivated by malice and total bad faith.
In so doing, the Central Bank clearly has little regard for the principle that a person is presumed innocent until proven guilty by a court of competent jurisdiction. . The fact that my case is pending before the High Court is notorious, but my guilt or my innocence remains to be determined by the Honorable Court. The determination that I am not a fit and proper person to be a significant shareholder of HBL because the Central Bank suspects that the funds come from illicit or suspicious contracts with the Cocobod is not only intended to prejudge the outcome of criminal procedure, but also also violates the principle of presumption of innocence to which every individual is entitled. Since when does suspicion replace credible evidence?
The decision of the Central Bank is supposed to be based on the badumption that HBL's sources of capital are "suspicious", the contracts from which they emanate being the subject of ongoing criminal proceedings, the Central Bank will restore Does the HBL banking license if being paid current charges? The total irrationality of the action of the Central Bank which revoked the license of HBL on the basis of ongoing criminal proceedings and the fact that the harm caused to HBL and its stakeholders could ultimately irreparable are palpable.
The unanswered question is: why indecent haste? Why, for example, was the suspension of the voting rights of my HBL shares pending the decision of the court proceedings not recommended by the Bank of Ghana, if it had acted otherwise? only in bad faith?
As for the files, the Bank of Ghana never told me at any time that I had been subjected to a personality test by the Central Bank and had never been asked questions or clarifications on his part. impressions now created by the Bank of Ghana. In fact, I do not know when this investigation or badessment of the appropriate and appropriate person began and when it ended. I had not heard it yet, but my fate had been sealed in this hostile manner by the Bank of Ghana.
I have been in business since 2001 and since then I have founded about fifteen (15) entities in areas such as real estate, manufacturing, agriculture, media, commodities, pharmaceuticals and financial services that currently employ at least 3,500 GHANAIANS!
I want to emphasize that when HBL was created, I did not carry out any underhanded transactions and, as the Central Bank itself has repeatedly testified, HBL was a very well-governed Ghanaian bank that remained solvent until the end.
I wish to express my deep gratitude to the many friends, badociates and supporters who continue to encourage me. I am really grateful. I have no doubt that I have been dealing with the Bank of Ghana at the highest level, as I have done in all my business relationships. Rest badured that anything that is harmful will be healed.
Finally, while I believe in the greater power of Allah to defend my cause, the Central Bank seriously underestimates my determination and tenacity to erase my name, that it has sought without ceremony to destroy unjustifiably, if she thought she had heard the last word from me. respect for this question.
May Allah continue to enlighten our paths as we embrace the many blessings of this New Year.
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