Category: Business
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Kweku Adoboli to be deported from UK
Kweku Adoboli, the former UBS trader who was sentenced to seven years in prison after running up the largest unauthorised trading loss in UK history, is on the verge of being deported to Ghana. The 38-year-old, who caused a $2.3bn trading loss by vastly exceeding his risk limits, has lived in the UK since he…
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Give EOCO unfettered access to Menzgold – Asiedu-Mante
A former Deputy Governor of the Bank of Ghana, Emmanuel Asiedu-Mante has backed the investigations into the operations of Menzgold by the Economic and Organised Crime Office (EOCO). In his view, the probe is necessary if the sanctity of the financial sector is to be upheld. Mr. Asiedu-Mante’s comments come on the back of the…
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Over 370,000 families could be affected by uniBank collapse
The revocation of the license of defunct uniBank could affect the savings of over 370,000 individuals, affecting their families, a report by KPMG has said. According to the document, uniBank’s financial position presents significant systemic risks to Ghana’s financial sector’s stability given the contagion effect it presents. The license of uniBank was recently revoked by…
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uniBank Board approved loans despite BoG’s warning
It has emerged that the board of the now-defunct uniBank, did not follow any of the key good corporate governance rules outlined by the regulator of the financial sector, the Bank of Ghana. Even when the central bank had cautioned the board of uniBank not to advance loans, the board went ahead and granted loans…
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Over-staffing contributed to uniBank’s collapse – Report
A new document sighted by Citi Business News shows that the now defunct uniBank was overstaffed compared to its others in the banking sector, causing a drain on the financials of the company. According to the document, uniBank prior to the revocation of its license had 811 permanent staff, 64 contract staff , 990 outsourced…
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uniBank Board approved loans despite BoG’s warning
It has emerged that the board of the now defunct uniBank, did not follow any of the key good corporate governance rules outlined by the regulator of the financial sector, the Bank of Ghana. Even when the central bank had cautioned the board of uniBank not to advance loans, the board went ahead and granted…
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Nduom blames botched merger on breach of confidentiality
CEO of GN Group of companies, Dr Papa Kwesi Nduom has stated that the reason for pulling out of an initial merger that was supposed to take place between GN Bank, Sahel Sahara and Premium Bank was due to lack of confidentiality from one of the banks. In July, reports stated that the three banks…
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Banks ‘suffocating’ under Finatrade’s GH¢1bn debt
Despite assurances given by Former Finance Minister Seth Terkper that a debt owed banks by Finatrade will not create any challenges, it appears the assurance has failed as Royal Bank is partially blaming the development as a cause for the revocation of its bank’s license. The now defunct Royal Bank in a response to the…
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UT Bank collapse: Prince Amoabeng breaks one year silence
The Founder of defunct UT Bank, Prince Kofi Amoabeng has denied reports that he failed to account for 5 million cedis debt repayment to the Board which contributed to the revocation of the bank’s license in August 2017. In his major public comment after the revocation of the bank’s license over a year now, Mr.…
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Impunity caused banks’ collapse – Bright Simons
Vice President of IMANI Africa, Bright Simmons, has attributed the collapse of some banks in the country to impunity on the part of the key stakeholders at the various financial institutions. In the past year, seven local banks have collapsed. They are Capital Bank, uniBank, Sovereign Bank, Construction Bank, The Beige Bank, UT Bank and…