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Company News of Monday, February 4, 2019
Source: citinewsroom.com
2019-02-04
The central bank announced that the uniBank was about to collapse in March 2018
UniBank, a bank shareholder who has disappeared, has filed a petition with the court seeking to join the Attorney General in an ongoing case in which the Bank's receiver, Nii Amanor Dodoo, is suing them.
The receiver has dragged the bank's 17 shareholders to court to force them to repay a debt of GH ¢ 5.7 billion that they owe to the deceased bank.
However, according to paragraph 2 of the application filed at the High Court Registry in Accra, the shareholders claimed that the central bank and the government of Ghana had been misled by the audit firm, KPMG's finding that the single bank was poorly managed and the bank was likely to go bankrupt.
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.
The petition further alleges that the processes leading to the creation of the consolidated bank were flagrantly violated by the relevant laws of Ghana, in particular the Banking Act and Specialized Deposit Institutions Act, 2016 (Law 930) and the 1963 law of the society (law 179).
At paragraph 15 of their motion, the 17 shareholders also alleged that KPMG misled the Department of Finance to transfer large volumes of public funds to create the new bank, instead of the other. To honor its audited financial obligations to uniBank in order to continue operating as a bank. private entity.
Shareholders request the court to join the Attorney General as the 18th defendant.
This will be the first time that government lawyers will be directly involved in court proceedings leading to the closure of seven banks in 2018.
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 again announced that uniBank was also on the verge of collapse and had been taken over with 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, subsequently 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 overturned a lawsuit filed by Mr. Duffour 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 sued for the court to declare the bank's license null and void.
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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