Collapse of seven banks - 50 Directors, owners face prosecution

The receivers of the seven failed banks have started legal proceedings against 50 directors and shareholders for their roles in the collapse of the banks.

The banks are uniBank Ghana Ltd, the UT Bank, the Capital Bank, the Royal Bank, the Construction Bank, the Beige Bank and the Heritage Bank.

A Special Investigative Team (SIT) set up to probe financial crimes in the country has also referred many dockets on some members of staff of the defunct banks to the Attorney-General’s Office for advice and possible prosecution.

The receivers, Messrs Nii Amanor Dodoo of KPMG, Vish Ashiagbor and Eric Nana Nipah, both of PricewaterhouseCoopers (PwC), are also pursuing 31,000 customers of the failed banks to recover more than GH¢10 billion in loans and advances.

According to reports by Daily Graphic, he defunct uniBank had the highest number of defaulting customers, numbering 26,558, with a total debt of GH¢4.6 billion, while the Sovereign Bank had 298 customers owing GH¢136 million.

For the Royal Bank, 752 customers are being pursued to pay GH¢1.142 billion, while 14 customers of the Construction Bank are to pay GH¢625,000.

For the Beige Bank, 3,371 customers are to refund GH¢872 million.

The figures for the loans and advances are gross and do not include the stipulated interests.
Sources close to the receivers said for one of the failed banks, more than GH¢3.8 billion did not pass through the loan books but was captured through a special audit because it was distributed among the directors.

Special Investigative Team

A highly placed source with the SIT also told the Daily Graphic that a reasonable number of documents had been forwarded to the Attorney-General’s Department for advice and possible prosecution.

It explained that a lot of work had gone into the investigations, as all those suspected to have played diverse roles had to respond to individual queries raised by the receivers against them.

It explained that it was as a result of those issues that many people thought that nothing was being done, adding that "prosecutions will start soon, as reasonable cases have been established against those individuals".

It said the team was awaiting the appropriate charges to be preferred against them by the Attorney-General, with other related legal advice.

Comments

ECG suffers GH¢500m loss after ransomware attack — Dubik Mahama

The Electricity Company of Ghana (ECG) has reportedly lost an estimated GH₵500 million following a recent ransomware attack on its systems, according to Dubik Mahama, the Managing Director. The cyberattack, which severely disrupted the operations of the power distribution company, has raised significant concerns about the cybersecurity measures in place within Ghana’s critical infrastructure sectors. Dubik Mahama corroborated the Vice President, Dr Mahamudu Bawumia's earlier statement and elaborated on the significant impact the ransomware attack had on ECG's operations. Mahama noted that the attack struck at a crucial time when the company was in the midst of an operational overhaul, which included upgrading and repairing its systems. In an interview on Channel One TV, he said "Don’t forget that, within those periods, we were going through an operational turnaround, where we were fixing our systems…That was the same year within which we had the ransomware attack thing th

Student who stabbed final-year colleague at O'Reilly SHS arrested

Personnel of the Ghana Police Service have reportedly arrested a final-year student from O’Reilly Senior High School (SHS). The student allegedly stabbed his colleague to death over an argument. The incident, which has left the school community in shock, occurred during a violent altercation on the school’s campus. The final-year General Arts student known as Edward Borketey Sackey was stabbed after he finished an exam. A cousin of the deceased, who witnessed the incident, reported that the stabbing occurred during a fight with a colleague named Godwin. The victim was stabbed three times in the chest and was pronounced dead upon arrival at the hospital. According to the cousin, the confrontation stemmed from a disagreement over an unspecified issue. Narrating the incident, she said "He [Edward] had a paper in the morning and came to me that he was done with his paper…After a few minutes we heard some noise at the back and we asked what was wrong and they said it was Godwin and Ed

Can Ursula Owusu win the Ablekuma West Constituency in 2024 elections?

As the 2024 elections approach, the political landscape in Ghana is heating up, with many constituencies experiencing intense competition. One such area is the Ablekuma West Constituency , where the incumbent Member of Parliament (MP), Ursula Owusu-Ekuful, seeks to retain her seat. She has won three consecutive terms, establishing herself as a significant political figure in the area. Ablekuma West is a densely populated urban area with a mix of middle-class and working-class communities. Owusu-Ekuful, who is a member of the New Patriotic Party (NPP) and currently serves as the Minister for Communications and Digitalisation, has been a prominent figure in Ghanaian politics, particularly in her constituency. History and boundaries Ablekuma West was one of 45 newly created constituencies for the 2012 general election. It covers the districts of Dansoman, Sahara, Gbegbeyise, Agege, Glefe, Opetekwe and Shiabu. Before the 2016 general election, incumbent MP Ursula Owusu was challenged in an

Kojo News

Search This Blog