The Bank of Ghana (BoG) has warned it will impose certain directives on HFC Bank if ongoing discussions to resolve the tussle for control of the Bank fail.
The management of HFC Bank and Republic Bank of Trinidad and Tobago are involved in the tussle following plans by the later to be majority shareholders of HFC Bank.
[contextly_sidebar id=”nyf2aMFV4z3ycrU51opGiRA8WsrklHut”]There are currently a number of petitions before the Securities and Exchange Commission (SEC) accusing Republic Bank of insider trading.
There is also a pending court case against the holding of an Extraordinary General Meeting (EGM) by HFC Bank.
The EGM was requisitioned by one of its shareholders, pension fund manager Social Security and National Insurance Trust (SSNIT).
SSNIT is pushing for the removal and replacement of three directors on the board of HFC including the current Chair of the board, Muriel Edusei, Charles Ofori Acquah and Francis Koranteng.
SSNIT is proposing three persons that should be considered as Directors at the next EGM, including Ebenezer Tetteh Togoe, Paul King Aryene and Victoria Emeafa Hardcastle.
According to the Governor of the Bank of Ghana, Dr. Henry Kofi Wampah, the regulator is leading discussions to resolve the challenges in the Bank amicably and according to him,” so far we are progressing well”.
But” if it comes to a situation where it is clear that there cannot be any agreement between the parties, the central bank has powers to come in and ensure that depositors funds are protected”, he stressed.
Dr. Wampah said,” The central bank can come in and impose directives, we can even put in managers that will ensure the bank continues to run well”.
By: Rabiu Alhassan/citifmonline.com/Ghana