{"id":26777,"date":"2014-06-23T12:06:27","date_gmt":"2014-06-23T12:06:27","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=26777"},"modified":"2014-06-24T17:36:20","modified_gmt":"2014-06-24T17:36:20","slug":"court-dismisses-republic-banks-application","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/06\/court-dismisses-republic-banks-application\/","title":{"rendered":"Court dismisses Republic bank\u2019s application"},"content":{"rendered":"<p>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\u2019s plea for an injunction to halt the takeover process by Republic Bank.<\/p>\n<p>HFC bank dragged the Securities and Exchange Commission (SEC) and the Republic Bank of Trinidad and Tobago\u00a0to court over the latter\u2019s move to take over the bank.<\/p>\n<p>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\u2019s code on takeovers and mergers.<\/p>\n<p>Republic Bank on the other hand filed a writ for HFC\u2019s 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.<\/p>\n<p>HFC bank also accused Republic Bank of insider trading.<\/p>\n<p>His Lordship Justice Koomson dismissed Republic Bank\u2019s application indicating that it lacked merit.<\/p>\n<p>Meanwhile, two individual shareholders of HFC Bank,\u00a0Kwasi Asante and Alfred Bortey\u00a0last week also went to court to challenge the takeover.<\/p>\n<p>They are also praying the Court to intervene to save HFC &#8211; a local bank from being taken over by foreigners.<\/p>\n<p>According to them, there is already too much foreign interest in the financial services sector in Ghana.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>By: Anim Kwaku Boadu\/citifmonline.com\/Ghana<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":26780,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Court dismisses Republic bank\u2019s application - Citi 97.3 FM - Relevant Radio. 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