ARB Apex Bank Board reacts to media report

The Board of Directors of ARB Apex Bank has finally responded to allegations that were made against it recently in the media.

According to the board, the recent media reports were misleading and deliberate.

Commenting on the alleged purchase of luxurious residence for the Managing Director, it said, “No property, luxury or otherwise has been approved or purchased by the ARB Apex Bank for the Managing Director.”

It said the Economic and Organised Crime Office (EOCO) requested some information and documents on the operations of ARB Apex Bank and they had been duly submitted.

On the renovation of Bolgatanga and Kumasi branches, the board said the branches were renovated in 2005 and 2010 respectively, adding that per the agreements with the various landlords, the ARB Apex Bank was mandated to carry out periodic maintenance of the said property.

The board categorically denied reports that the MD had misappropriated funds, adding that it was unaware of any demand by the staff for the resignation of the MD.

It said the bank has a policy to implement a paperless office concept and it was for that reason that the bank purchased smart PCs for the board members to assist them to access working documents for board deliberations due to the cost and time spent in dispatching board papers.

It indicated that no board member received GH¢11,000 as bonus.

It stated that the performance of RCBs was the primary responsibility of their respective boards and management.

On the issue of inspection, it said it had cost implication although the ARB Apex Bank was competently managing that.

It said, “The ARB Apex Bank’s policies and procedures guiding the sale of forex are robust and forex is sold to the highest bidder at all times.”

The board explained that replacement of standard vehicles for heads of departments of the bank was periodic, adding that the said purchase and disposal of used vehicles were consistent with the existing policy and the conditions of service of the ARB Apex Bank as approved by the board.

Touching on ICT related charges, the board said the bank does not charge Rural and Community banks (RCBs) for ICT services.

“RCBs, however, pay for the communication link between the RCBs and the ARB Apex Bank, and hardware and software maintenance charges provided by external service providers. The costs have not changed since their inception in 2010.”

The board said periodic reports on the performance of RCBs, which are submitted to the Bank of Ghana (BoG), do not reflect the efficiency or otherwise of the ARB Apex Bank.

It noted that the bank has health relations with DANIDA, adding that the joint project with the entity was ongoing.