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    DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    Idris Elba adds Ghana to the list of African countries he wants to partner with

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    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

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    Huawei Equips 500 Traders in FinTech

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Court dismisses Republic bank’s application

bycitibusinessnews
June 23, 2014
in Banking And Finance, Business
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A Commercial Court in Accra on Monday dismissed an application filed by the Republic Bank of Trinidad and Tobago for the court to strike out HFC Bank’s plea for an injunction to halt the takeover process by Republic Bank.

HFC bank dragged the Securities and Exchange Commission (SEC) and the Republic Bank of Trinidad and Tobago to court over the latter’s move to take over the bank.

HFC bank wants the court to place an injunction on the takeover as it believes there was a breach of the Securities and Exchange Commission’s code on takeovers and mergers.

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Republic Bank on the other hand filed a writ for HFC’s application to be struck out as Republic bank believed there are laid down procedures that should have been followed which included going through the Securities and Exchange Commission, the regulator.

HFC bank also accused Republic Bank of insider trading.

His Lordship Justice Koomson dismissed Republic Bank’s application indicating that it lacked merit.

Meanwhile, two individual shareholders of HFC Bank, Kwasi Asante and Alfred Bortey last week also went to court to challenge the takeover.

They are also praying the Court to intervene to save HFC – a local bank from being taken over by foreigners.

According to them, there is already too much foreign interest in the financial services sector in Ghana.

 

 

By: Anim Kwaku Boadu/citifmonline.com/Ghana

 

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