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RADP / Pulse Ghana  >  news  >  business

uniBank’s takeover of ADB is illegal - Bank of Ghana

Magdalene Teiko Larnyoh

An anonymous source at the Bank of Ghana said that the BoG did not sanction for some shareholders of ADB to pledge their shares, proceeds, entitlement and voting rights to uniBank, leading to the alleged takeover.

According to Graphic Online, the Central Bank’s position will be announced by the Governor, Dr Ernest Addison.

An anonymous source who disclosed this said the BoG has taken this stance because it is certain that uniBank as an entity does not have majority shares in ADB.

READ ALSO: GSE suspends ADB from listed entities

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The sources also added that the BoG did not give permission for some shareholders of ADB to pledge their shares, proceeds, entitlement and voting rights to uniBank, leading to the alleged takeover.

“The thing is does not, in their own, have a majority shareholding in ADB but what happened was some shareholders of ADB promised to support uniBank at the board level.”

“But if someone pledges to support you, do you go out there to say you have taken over a bank? But can you even take over a bank without permission from the regulator?” the source asked.

“You see the funny part, the regulator does not know anything about this; they had no faintest of ideas because nothing of that sort had come to their attention,” it added.

READ ALSO: Gov’t reduces ECG tariff; 30% For Industry, 17% For Non-Residential

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According to the source BoG’s position on the matter will be announced before the close of Wednesday, March 7.

The announcement will render the action of Belstar Capital, Starmount Development Company Limited, EDC Investments Limited and SIC-FSL – shareholders of ADB null and void.

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Magdalene Teiko Larnyoh Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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