{"id":113587,"date":"2015-05-04T09:41:46","date_gmt":"2015-05-04T09:41:46","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=113587"},"modified":"2015-05-04T10:12:03","modified_gmt":"2015-05-04T10:12:03","slug":"minority-to-drag-adb-to-supreme-court-this-week","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=113587","title":{"rendered":"Minority to drag adb to Supreme Court this week"},"content":{"rendered":"

The Minority in Parliament is set to drag government and the management of the Agricultural Development Bank (adb) to the Supreme Court this week, over the bank\u2019s failure to get Parliamentary approval<\/a><\/span><\/strong> for its plans to float shares on the stock exchange.<\/p>\n

[contextly_sidebar id=”afZBd2nd9dMuvmvfuecyCWB5TrFePHzV”]This comes on the back of the\u00a0Attorney General\u2019s endorsement<\/a><\/strong><\/span> of the bank\u2019s decision to go public.<\/p>\n

\u201cThe Ministry for Justice and Attorney Generals\u2019 Department has explicitly indicated that a Parliamnetary approval would not be required for the listing of the Bank on the Ghana Stock Exchange (GSE). We trust that with this advice, we can now proceed with the necessary further action,\u201d the letter from the Ministry of Finance clarified.<\/p>\n

The Securities and Exchange Commission (SEC) recently gave ADB the approval to go ahead and offer its shares to the public.<\/p>\n

The\u00a0bank is expected to offload a little over 100 million\u00a0shares to the public\u00a0by the end of this month worth 75 percent of the\u00a0Bank to raise about GH\u00a2300 million.<\/p>\n

But in an interview with Citi News<\/strong> counsel for the minority and Effutu MP, Alex Afenyo Markin stated that they disagree with the stance of the attorney general hence their decision.<\/p>\n

\u201cWe still believe that the appropriate forum to interpret the law is the supreme court. We\u2019re going to file and seek the courts intervention but for now we are not saying that because the AG says so, that is sacrosanct and that is the perfect interpretation of the law. The AG\u2019s opinion is very subjected and can never be at all times the correct position of the law.\u201d<\/p>\n

Meanwhile, President John Mahama\u00a0has directed the Minister of Employment and Labour Relations, Haruna Iddrisu to take steps to resolve the impasse<\/a><\/strong><\/span>.<\/p>\n

\u201cI have tasked the Minister of Employment and Labour Relations call an urgent meeting with the management and staff to resolve any misunderstanding existing,\u201d he said.<\/p>\n

–<\/p>\n

By: Godwin Akweiteh Allotey\/citifmonline.com\/Ghana<\/p>\n

Follow @AlloteyGodwin<\/a>
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