Citi Business News has learnt the much anticipated HFC Bank Extra Ordinary General Meeting (EGM) has been cancelled after an intervention from the Bank of Ghana.
[contextly_sidebar id=”ICpW5fKbRSDH65o3dAoq9LhjhXxPi2RQ”]According to Citi Business News sources, the Social Security and National Insurance Trust (SSNIT) which formally requested for the EGM has agreed to wait until the Annual General meeting of the Bank in April, 2015 to allow for the reconstitution of the Banks Board.
This comes after an Appeals court last week dismissed a case brought before it by a shareholder of HFC bank seeking to stop the organization of the EGM.
Citi Business News has learnt two arbitrators Ishmael Yamson and Kwame Pianim appointed by the Central Bank managed to broker the deal, after meeting all directors of HFC Bank , representatives of SSNIT and other key stakeholders involved in the struggle for control of HFC Bank.
The various stakeholders are expected to sign onto the settlement deal today before, the Central Bank makes it public.
According to Citi Business News sources, one of the directors that was expected to be removed during the cancelled EGM Charles Ofori Acquah has resigned.
By: Rabiu Alhassan/citifmonline.com/Ghana