Afenyo Markin files fresh application to stop ADB’s IPO

Legal Practitioner, Alex Afenyo Markin has filed a fresh application at the Supreme Court in another effort to stop the Agriculture Development Bank (ADB) from going ahead with its planned Initial Public Offer (IPO).

This comes weeks after the Union of Industry, Commerce and Finance (UNICOF) Workers, withdrew a similar suit at the High Court which effectively allowed ADB to proceed with the IPO.

The case which was initially filed at the Supreme court by the New Juaben South Member of Parliament, Dr. Mark Assibey was officially withdrawn in July.

The MP had invoked the original jurisdiction of the Supreme Court to compel the bank to seek parliamentary approval before it proceeds with the planned public offer.

Questions were also raised over why adb commenced processes to float its shares when the case was still at the Supreme Court.

Alex Afenyo Markin who is also the Member of Parliament for Effutu has filed a new suit seeking interpretation to the bank’s decision to float its shares without Parliamentary approval.

Credit: Citifmonline