Citi Business News has gathered the shareholder of HFC Bank who filed for an application for a stay of execution to suspend the bank’s Extraordinary General Meeting (EGM) is to appeal the court’s decision which dismissed its application.
Lawyer for the shareholder Robert Yartey told Citi Business News they are not satisfied with the ruling and will appeal the case at the court of Appeal.
‘Well we are not satisfied with the issues so we will repeat the application in the court of appeal because we don’t agree with the judge’s reasoning. I will have a discussion with my client and am sure at the end of the week we would have filled the appeal depending on the instruction from my client’.
[contextly_sidebar id=”iCQO4IWhVwHgoM6dtsjvS9QMDvv99rKf”]An Accra high court on February 10th, 2015 dismissed the application for stay of execution on the grounds that Robert Yartey had no valid lawyers’ Annual License to practice in Ghana at the time he filed the case.
The court awarded 10,000 Cedis to the defendants of the case which is SSNIT and Republic bank and further ordered that the much anticipated EGM be held on Tuesday 17th February, 2015.
Speaking to Citi Business News Robert Yartey said they have seven days within which to file an appeal and will do that by the close of this week.
‘We have an automatic seven days after the ruling before anything can be done because nothing can be done before seven days. You know the last time I think the judge ordered that the EGM should come on at a certain time, well we don’t agree with the judge, sometimes we don’t have to agree with him and that is why we are going on appeal. So rightly before the end of the weekend we will file our appeal and the lawyers will know the effect of repeating the application’. He stressed.
But banking consultant and Principal Consultant at Osei Tutu II Centre for Executive Education & Research, Nana Otua Acheampong has called on all parties involved in the case to settle their difference in the boardroom and end the prolonged courtroom wrangling.
‘There have several calls on them to settle this out of court and because it is in the interest of both parties involved for these issues to be settled out of court, because the way they are dealing with it in court it is not helping them……….. They will have to take this out of court especially when the company is listed on the stock exchange, because it is negative and whichever way that you look at whether is for the EGM to go on or not to go on there can be only a negative effect.’ He advised.
By: Norvan Acquah – Hayford/citifmonline.com/Ghana