Pulse.com.gh logo
Go


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

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.

  • Published: , Refreshed:

The Bank of Ghana (BoG) has said that the purported takeover of ADB Bank by uniBank Ghana Limited as null and void.

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

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 uniBank 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

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.

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 Illegal Operations Menzgold extends suspension of gold vault market servicesbullet
2 Illegal Operations Menzgold customer threatens to sue over principal...bullet
3 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
4 Ponzi schemes in Ghana These investments are Ponzi schemes in...bullet
5 Kotoka International Airport GACL to move all domestic airlines...bullet
6 Ghana-Chinese Relations 6 reasons why the StarTimes deal is a...bullet
7 Forensic Audit 6 state institutions misappropriate GH¢800...bullet
8 How to create a verified PayPal account Learn how to...bullet
9 Retrenchment ATL sacks 200 workers, rest of staff not...bullet
10 Salaries In 2018 Here are the dates public workers...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Former Capital Bank staff grills pork for survivalbullet
4 Support Finance minister buys Kantanka carbullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 New Discovery Ghana discovers new mineral, lithium in...bullet
7 Tech 6 reasons you should buy an iPhone SE instead of any of...bullet
8 Selorm Adadevoh MTN CEO dances Agbadzabullet
9 Plane Crash Starbow suspends operations following plane...bullet
10 New Phones Nokia MWC 2018 Event in 5 minutesbullet

Business

X
Advertisement