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Motion to consider UT, UniBank petition moved in Parliament

A petition has been presented by Member of Parliament for Bawku Central, Mahama Ayariga on behalf of the Chief Executive Officers of UT Bank and Unibank, Mr. Prince Kofi Amoabeng, and Dr. Kwabena Duffuor respectively for Parliament to reconsider the decision of the Bank of Ghana to close down their banks.

Former Minister of Finance and founder of the defunct uniBank, Dr. Kwabena Duffuor, and his counterpart for the defunct UT Bank Limited, Prince Kofi Amoabeng, whose insolvent financial institutions were taken over by the state as part of the banking sector cleanup exercise,  calling for a probe into the actions of the regulators.

They have called for a major parliamentary inquiry into the conduct of the Bank of Ghana (BoG) and the Ghana Stock Exchange for the revocation of their banking licenses.

The two filed separate petitions calling on Parliament to investigate what they consider to be a disregard to the rules of administrative justice guaranteed under Article 23 of the 1992 Constitution.

They are calling for the probe when at the time their respective cases are undergoing both civil and criminal trials in court

Dr. Duffour is therefore asking Parliament to direct the restoration of their banking licenses and the remedy of the harms done to the shareholders’ property rights in the said banks as a result of the central bank’s action.

They have also sought for Parliament to give any other directives that it may deem appropriate to BoG for its action against them.

The banking licenses of Duffuor’s uniBank and Amoabeng’s UT Bank were revoked by the central bank during the financial sector clean-up, but uniBank was put into administration by the BoG in 2018 before consolidating it with other defunct banks during the banking crisis.

Majority Leader, Osei Kyei-Mensah-Bonsu, said he wished the petitions were not admitted by the Speaker since “the two matters are before the court and they (Dr. Duffuor and Mr. Amoabeng) have been directed to amicably resolve the matter with BoG.”

“I would have wished the Speaker waited for the court to handle the case. It is not as if it is now going to the court, and in any case, if we come to such a determination how do we enforce it if the matter is in court,” he argued.

Finally, the Rt. Hon. Speaker of Parliament, Alban Sumana Kingsford Bagbin has directed that a seven-member Committee, that is four from the NPP majority and Three from the NDC minority should be constituted for consideration on the petition and report back to Parliament for the necessary actions to be taken by the House base on the committee’s report.

 

By: Originalfmonline.com | Ghana | 91.9MHz

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