Category: Banking And Finance
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I wasn’t responsible for daily operations of Capital Bank – Otabil
The Board Chairman of defunct Capital Bank, Pastor Mensa Otabil, has subtly denied direct involvement in the woes of the financial institution. In his first public reaction to the development which has been a controversial subject in the media space, Mensa Otabil said his role as the chairman of the bank’s board was a non-executive…
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Former UT, Capital banks workers rejected due to stigmatization
A year after the collapse of UT and Capital banks, some workers are still battling with the stigmatization of working under a company that collapsed. The former workers tell Citi Business News they are turned away anytime they apply for a job in the financial sector due to the stigmatization. About 700 people lost their…
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Group petitions parliament over collapse of banks
A Civil Society Group, New Era Africa (NERA) has petitioned parliament to conduct a bi-partisan public enquiry into the recent banking crisis. According to NERA, the cost of seven defunct banks in the past one year will be borne by people of Ghana, hence it will prudent for the people’s representative to probe the issues…
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![One year on; Receiver still pursuing UT, Capital cash [Audio]](https://citibusinessnews.com/wp-content/uploads/2018/04/Vish-Ashiagbor-2-1.jpeg)
One year on; Receiver still pursuing UT, Capital cash [Audio]
Interested parties to benefit from proceeds of the disposal of assets and liquidation of same of defunct UT and Capital banks may have to wait a little longer. This is because the Joint Receiver for the defunct UT and Capital banks, Pricewaterhouse Coopers has stressed that the processes, majority of which are legal, could take…
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Capital bank collapse: Ato Essien, two others owed GH¢79.9m
An internal report on the erstwhile Capital bank has shown that the bank’s founder, William Ato Essien and two others, were indebted to the bank to the tune of 79.9 million cedis (GH¢79,937,812) as at the time the bank collapsed. This represented about 60 percent of the total Third Party Funds. The report mentioned William…
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‘Menzgold not licensed to sell gold in Ghana’
MenzGold Ghana Limited which has recently courted controversy over its operations was licensed solely to buy gold in Ghana and export to other countries. The company, which was given its license as MenzBanc Ghana Limited in the agreement document sighted by citinewsroom.com consented to buying the precious mineral from registered small-scale miners and subsequently exporting. MenzGold has recently…
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Ken Thompson writes: Collapsed banks did not fail; they were greedy, reckless
On August 2nd we woke up to 30 banks. When we went to bed a day before there were 34 banks. Five banks that had ‘kaput’ had now become Consolidated Bank Ghana Limited. Five had become one; UniBank, Sovereign Bank, Construction Bank, BEIGE Bank, and Royal Bank has been ‘consolidated’ to form a new entity…
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UT Bank collapse: Ibrahim Mahama denies blame over loan default
The CEO of Engineers and Planners (E&P), Ibrahim Mahama, has refuted allegations that his non-payment of a GH¢302,000,000 loan facility granted to four companies reported to be his, resulted in the collapse of defunct UT Bank. He has also disputed claims that he owns the said companies; Dzata Cement, Holman Brothers Ltd and MBG Ltd.…
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Consolidated Bank blocks withdrawals from defunct Beige Bank accounts
The newly-established Consolidated Bank Ghana (CBG) has blocked the fixed deposit accounts of customers of the defunct Beige Bank. This means clients of the defunct bank can no longer make withdrawals from the fixed deposit accounts. “Effective immediately there will be no redemptions or withdrawals on all fixed deposit accounts held by the erstwhile Beige…
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Bank of Baroda to pull out of Ghana’s banking sector?
Over the past weeks a number of banks have seen their licences revoked as the Bank of Ghana pushes the implementation of the minimum capital requirement directive. While a number of banks have met the requirement others are likely to be merged or collapsed. One bank that may not do either of the two is…