Pulse.com.gh logo
Go


Finally Court rejects UNICOF ADB injunction, gives green light for IPO

The dismissal means, the sale of shares can continue while the substantive case before the court is being heard.

  • Published:
File Photo play

File Photo

An Accra High Court has dismissed an application for injunction filed by the Union of Industry Commerce and Finance Workers against the Agricultural Development Bank.

UNICOF was seeking a court order to stop ADB from resuming the sale of shares in its Initial Public Offer arguing that the Union should have been involved in negotiating the quantum of shares to be sold, and distribution of shares of workers of ADB.

The dismissal means, the sale of shares can continue while the substantive case before the court is being heard.

Below were the demands of UNICOF

A declaration that the agreement signed by the 1st defendant ADB with two foreign companies namely Atlas Mara Limited and the Norwegian Investment fund for Developing Countries, for the sale and purchase of 25% and 15% respectively of the issued shares of ADB without parliamentary approval is unconstitutional and in violation of Article 181 clause 1 of the 1992 constitution.

2. UNICOF is also seeking a declaration that the government has not got the sole mandate to authorize ADb to sell shares to the public and trade on the stock exchange saying that the general oversight duties of Parliament under article 108 of the 1992 constitution, Article 181 clause 1 of the 1992 constitution and section 19 of the Act 286 requires the concurrent approval of parliament.

3. They are also seeking approval that the approval and authorization given to ADB to trade on the Ghana Stock Exchange by the Securities and Exchange Commission without first confirming whether Parliament has approved the decision of cabinet permitting the bank to issue shares to the public undermines the constitutional mandate of parliament as enshrined in article 181 clause 1 of the 1992 constitution and section 19 of the Act 286 among others.

4. The suit says the first and second defendants being Agricultural Development Bank (ADB) and the Attorney General and the Minister of Justice respectively will on receipt of the suit will have to file or cause to be filed a statement of defendant’s action at the suit of UNICOF.

Source: Starrfmonline.com

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Breaking Otabil finally breaks silence on banking controversiesbullet
2 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
3 Banking Crises Sahel Sahara and Omni Bank become latest to mergebullet
4 Nana Appiah Mensah Menzgold boss apologises to BoG after Twitter rantbullet
5 Increment Fuel prices to go up again – IESbullet
6 Incompetence Otabil wasn't qualified to be Capital Bank Board...bullet
7 Bank Collapse Capital Bank Board misused GHC 610 million...bullet
8 Banking In Ghana Stranded customers of First Allied...bullet
9 Capital Bank Collapse Here are the roles of a...bullet
10 Collapsed Banks Here are the auditing firms for the 7...bullet

Top Videos

1 Former Capital Bank staff grills pork for survivalbullet
2 Forbes 2018 Africa's billionaires rich listbullet
3 Money Alert Meet Africa's richest womanbullet
4 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Support Finance minister buys Kantanka carbullet
7 Plane Crash Starbow suspends operations following plane crashbullet
8 New Phones Nokia MWC 2018 Event in 5 minutesbullet
9 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
10 Video We are determined to move Ghana beyond aid - Bawumiabullet

Business