The Bank of Ghana [BoG], has directed the Managing Director of ARB Apex Bank, Kwadwo Aye Kusi, to proceed on leave effective today, November 28, 2016.<\/p>\n
[contextly_sidebar id=”7T3n9goEfAvNQfPTjJwAMUcO1NZnHdbf”]It follows investigations into allegations of bad corporate governance and financial malfeasance levelled against him.<\/p>\n
A letter from the central bank and addressed to the Board Chairman of ARB Apex Bank stated, \u201cFor unfettered access to documents and information, it is required that the subject of investigations (Managing Director) stays out of office.\u201d<\/p>\n
It added, \u201cThe Managing Director is therefore directed to proceed on his outstanding leave, with effect from Monday, 28th<\/sup> November 2016, until investigations are concluded.\u201d<\/p>\n The workers\u2019 union of ARB Apex Bank, has lodged a complaint with the Bank of Ghana with another staff petitioning the central bank over issues of bad corporate governance, disregard of the bank\u2019s policies and financial malfeasance which could affect the operations of the bank.<\/p>\n The Bank of Ghana says it has tasked the Financial Stability Department to conduct investigations into the allegations.<\/p>\n According to the BoG, the investigations are expected to last for two weeks; from November 21, 2016 to December 2, 2016.<\/p>\n \u2018The team may need to call randomly on Directors, Management and staff of ARB Apex Bank to clarify issues,\u2019 the letter to the Board Chair further stated.<\/p>\n Last week, workers of ARB Apex Bank across the country, wore red wrist and arm bands for two days as part of protests against the allegations levelled against the MD and Board Chair.<\/p>\n –<\/p>\n By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" The Bank of Ghana [BoG], has directed the Managing Director of ARB Apex Bank, Kwadwo Aye Kusi, to proceed on leave effective today, November 28, 2016. [contextly_sidebar id=”7T3n9goEfAvNQfPTjJwAMUcO1NZnHdbf”]It follows investigations into allegations of bad corporate governance and financial malfeasance levelled against him. A letter from the central bank and addressed to the Board Chairman of […]<\/p>\n","protected":false},"author":14,"featured_media":272276,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,171,11],"tags":[],"yoast_head":"\n