{"id":344970,"date":"2017-08-15T09:05:48","date_gmt":"2017-08-15T09:05:48","guid":{"rendered":"http:\/\/citifmonline.com\/?p=344970"},"modified":"2017-11-10T10:42:46","modified_gmt":"2017-11-10T10:42:46","slug":"pwc-to-determine-fate-of-ut-bank-shareholders-gse-boss","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/08\/pwc-to-determine-fate-of-ut-bank-shareholders-gse-boss\/","title":{"rendered":"PwC to determine fate of UT Bank shareholders \u2013 GSE Boss"},"content":{"rendered":"<p>Shareholders of UT Bank may have to wait a little longer until their fate is determined by the relevant transaction partners in the\u00a0<span style=\"color: #666699;\"><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2017\/08\/14\/ut-capital-bank-insolvency-bog-to-punish-persons-found-culpable\/\" target=\"_blank\"><strong>takeover<\/strong><\/a><\/span>\u00a0of UT and Capital bank by GCB Bank.<\/p>\n<p>This is the indication from the Managing Director of the Ghana Stock Exchange (GSE), Mr. Kofi Yamoah.<\/p>\n<p>According to him, the benefits or otherwise accruing to shareholders would be dependent on the available funds and direction from the receiving institution; Price WaterHouse Coopers (PwC).<\/p>\n<p>The comments by Mr. Yamoah however come despite the\u00a0<span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2017\/08\/14\/stock-exchange-suspends-ut-bank\/\" target=\"_blank\">suspension of trading activities<\/a><\/strong><\/span>\u00a0of UT Bank on the Ghana Stock Exchange on Monday, August 14, 2017.<\/p>\n<p>\u201cShareholders issue is in the hands of the receiver and Price Waterhouse Coopers has been appointed as the receiver as far as this transaction is concerned and we will liaise with them and in due course so that we can provide information for shareholders as and when work progresses by PwC,\u201d Mr. Yamoah stated.<\/p>\n<p>The GSE boss however clarified that the takeover of the assets of UT Bank does not necessarily translate into a shareholders swap.<\/p>\n<p>\u201cThis is not a transaction in shares so if you are a shareholder in UT, you do not necessarily translate into a shareholder of GCB. GCB has not bought the shares of UT Bank, they have taken over certain liabilities and assets of UT Bank. The two entities of shareholding are completely different.\u201d<\/p>\n<p><strong>BoG not to compensate shareholders of Capital Bank<\/strong><\/p>\n<p>Meanwhile the Bank of Ghana has indicated that the shareholders of Capital Bank will not be compensated.<\/p>\n<p>Discussions with the Ghana Stock Exchange in the coming days will determine the way forward for persons or organisations who bought shares of UT Bank on the stocks, according to the Head of Banking Supervision of the Bank of Ghana, Raymond Amanfu.<\/p>\n<p>With respect to Capital Bank, Mr. Amanfu explained that its shareholders should have been more vigilant given they bore the brunt of the risk.<\/p>\n<p>\u201cNow you must protect your interest as a shareholder. They appointed the board. The boards are accountable them so if\u00a0 the board is accountable to you and you are the shareholders, and quite a significant number who are shareholders are on the board, and you supervise the banks to get into this situation \u2013 you are the risk taker.\u201d<\/p>\n<p>In UT Bank\u2019s case, it has institutional shareholders, some of which are on the Ghana Stock Exchange thus, further considerations will have to be made, Mr. Amanfu said.<\/p>\n<p>\u201cWe think that there are issues of listed companies which are being discussed with the stock but the fact that we are listed does not mean that we should wait for you to prove how much of deposits money that is at stake compared to the huge deposits that have been taken.\u201d<\/p>\n<p>&#8211;<\/p>\n<p>By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shareholders of UT Bank may have to wait a little longer until their fate is determined by the relevant transaction partners in the\u00a0takeover\u00a0of UT and Capital bank by GCB Bank. This is the indication from the Managing Director of the Ghana Stock Exchange (GSE), Mr. Kofi Yamoah. According to him, the benefits or otherwise accruing [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,171,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PwC to determine fate of UT Bank shareholders \u2013 GSE Boss - Citi 97.3 FM - Relevant Radio. 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