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ADB IPO ADB denies bribing Afenyo Marking

The bank in a statement said claims that it paid $900,000 to the Efutu lawmaker are part of a calculated effort at tarnishing the reputation of the company.

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The Agriculture Development Bank (ADB) has refuted allegations that have surfaced from a leaked tape suggesting that the bank paid a bribe to MP for Efutu, Alexander Afenyo Marking to drop a legal suit he brought against the bank's Initial Public Offering.

The bank in a statement said claims that it paid $900,000 to the Efutu lawmaker are part of a calculated effort at tarnishing the reputation of the company.

A leaked audio tape with a voice purported to be that of the MP discussing an alleged settlement with the bank over his threat to use the court to stop their IPO sale sparked rumours of some underhand dealing between him and the Agricultural Development Bank.

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However, ADB says it is unthinkable for anyone to suggest that they will pay such an amount of money over legal threats.

Here is the statement  released by the Agricultural Development  Bank:

“...We wish to observe that the content are not only disturbing and shocking but appears to be a professionally tabulated pack of half-truths completely in sync with outright lies. More shocking is the information on the payment of $400,000 into the account of Mr. Alexander Afenyo marking in South Africa and a further $500,000 into a sister’s account in the United States,” portions of the statement noted.

It added: “There is also a Cedi component of GHC25,000 allegedly paid to honourable Afenyo Marking in an act of extortion. Spurious as these allegations are, we cannot accept the fact that the Bank will misapply public funds in this reckless manner. A total of $900,000 being paid to one single person because there was a threat of court action against the bank’s IPO? These are calculated distractive acts intended to derail the IPO which has already seen enough upset”.

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