A Commercial Court in Accra on Monday dismissed an application filed by the Republic Bank of Trinidad and Tobago for the court to strike out HFC Bank’s plea for an injunction to halt the takeover process by Republic Bank.
HFC bank dragged the Securities and Exchange Commission (SEC) and the Republic Bank of Trinidad and Tobago to court over the latter’s move to take over the bank.
HFC bank wants the court to place an injunction on the takeover as it believes there was a breach of the Securities and Exchange Commission’s code on takeovers and mergers.
Republic Bank on the other hand filed a writ for HFC’s application to be struck out as Republic bank believed there are laid down procedures that should have been followed which included going through the Securities and Exchange Commission, the regulator.
HFC bank also accused Republic Bank of insider trading.
His Lordship Justice Koomson dismissed Republic Bank’s application indicating that it lacked merit.
Meanwhile, two individual shareholders of HFC Bank, Kwasi Asante and Alfred Bortey last week also went to court to challenge the takeover.
They are also praying the Court to intervene to save HFC – a local bank from being taken over by foreigners.
According to them, there is already too much foreign interest in the financial services sector in Ghana.
By: Anim Kwaku Boadu/citifmonline.com/Ghana