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Business News of Thursday, 29 October 2020


Former workers of Unicredit demand severance package

Some aggrieved workers of defunct Unicredit are demanding their severance package.

The over 45 workers told 'Nyankonton Mu Nsem' that although approval has been given for their package to be paid, only top banking officials have been paid with tellers and mobile bankers left to their fate.

The workers whose appointments were terminated following the collapse of the bank said there was an agreement for their package to be paid, however, they have waited for several years without a response.

A spokesperson for the aggrieved workers, Mr. Anthony Brew explained they took the issue to court and had a ruling in their favour for their package to be paid but no one has responded to them.

He blamed Eric Nana Nipah as the one delaying the payment for the severance package.

Unicredit’s licence was revoked and the company handed over to the Price water House Coopers (PWC) as receiver for the purpose of winding down the affairs of the financial institution.

The revocation of the licence became necessary because it was insolvent even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.

“It is the Bank of Ghana’s assessment that these institutions have no reasonable prospects of recovery, and that their continued existence poses severe risks to the stability of the financial system and to the interests of their depositors.

“These actions were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent,” the statement from BoG said.

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