HFC bank has called of its Extraordinary General Meeting (EGM).
The EGM which was requisitioned by the Social Security and National Insurance Trust (SSNIT) was scheduled to come off on the 20th of January, 2015.
[contextly_sidebar id=”c7uc5KWmMjrqCDL0WYi3rx8xnRKmVR4F”]The EGM was to remove and replace two non-executive independent directors, Mrs. Muriel Edusei and Mr. Francis Koranteng from the HFC Bank board.
According to a press statement from the bank the EGM was cancelled after two shareholders of HFC dragged SSNIT, its Director General Ernest Thompson as well as eleven others to court seeking an interlocutory injunction against the EGM.
HFC Bank was recently ordered by the Supreme Court presided over by Justice Atuguba to present their accusation of insider trading by Republic Bank to the Securities and Exchange Commission (SEC) for investigation.
Two directors of HFC Mrs. Muriel Edusei and Mr. Francis Koranteng, have also demanded that HFC bank initiate investigations through the Securities and Exchange Commission on allegations of “insider trading” by the Republic Bank of Trinidad and Tobago before the process of a mandatory takeover of HFC bank commences.
However the Securities and Exchange Commission earlier told Citi Business News that it has not received any form of complaint from HFC as well as the two members of the Board of Directors of HFC Bank over allegations of insider trading.
The Financial Intelligence Centre (FIC) of Ghana yesterday waded into the matter and advised both SSNIT and SEC to investigate the matter and report back to the Centre as soon as practicable.
By: Vivian Kai Mensah/citifmonline.com/Ghana