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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Republic bank denies breaching takeover code

bycitibusinessnews
March 10, 2015
in Banking And Finance, Business, Top Stories
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Majority shareholder of HFC bank, Republic bank has denied it breached the Security and Exchange Commission’s Code on Takeovers & Mergers during its mandatory takeover of HFC bank.

[contextly_sidebar id=”5gqyIUcI4TmOF8fyNmbFVLv9ubofzExv”]According to the bank’s head of Africa operations Robert Le Hunte ‘we continue to hold the view that we did not breach any regulation and a such we have not accepted any liability regarding that’.

The bank was directed to pay one million cedis by the Securities and Exchange Commission as settlement for breaching the takeover code after clearing it on allegations of insider trading.

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Allegations of a breach of the takeover code as well as insider trading against Republic bank surfaced last year during Republic bank’s acquisition of HFC shares held by the Union Bank of Nigeria.

HFC Bank had on May 23, 2014 sued the Republic Bank and the Securities and Exchange Commission for what it alleged were breaches of the SEC Code on Takeovers & Mergers in Republic Bank’s attempt to do a mandatory takeover of HFC Bank by purchasing of HFC shares held by the Union Bank of Nigeria.

However HFC Bank was ordered by the Supreme Court presided over by Justice Atuguba to present their accusation of insider trading by Republic Bank to SEC for investigation.

A number of shareholders of HFC bank also called on SEC to investigate the matter.

According to SEC investigations into the matter revealed that Republic bank breached Rules 4.1, 4.2 (a) and 4.3 of the Takeover Code by not reverting to the Commission for approval, but relying on the approval of the Bank of Ghana for the purchase of additional 23,638,340 share of HFC Bank from Union Bank within a 12-month period, when the Mandatory Takeover Offer Rule had been triggered and the Commission had not granted them exemption.

But Republic bank’s head of Africa operations Robert Le Hunte reacting to the ruling said the bank disagrees with the ruling.

‘Based on all the communication that were prevailing at the time and when you look at the situation at the time and the rules then yes we are not accepting liability for any breach but we feel this matter has been long outstanding it’s been going on for a year we feel it must come to an end.
at this time we are in discussion with our legal team on how we can facilitate payment’.
By: Vivian Kai Lokko/citifmonline.com/Ghana

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We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

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