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General News of Wednesday, 24 March 2021

Source: Happy 98.9FM

Parliament to probe unibank and UT bank license revocation

Speaker, Alban Sumana Kingsford Bagbin has directed leadership Parliament to establish a Seven-Member Committee to investigate the Central Bank for revocation of licenses of UT and uniBanks.

This follows petitions, presented by MP for Bawku Central, Mahama Ayariga for and on behalf of Prince Kofi Amoabeng and Dr. Kwabena Duffour who wants Parliament to investigate the conduct of Bank of Ghana and the Ghana Stock Exchange for relocating their bank’s license.

Prince Kofi Amoabeng petition reads, “investigates the conduct of the Bank of Ghana and the Ghana Stock Exchange for the revocation of UT Bank’s license and delisting the bank without due regard to the rules of Administrative Justice guaranteed under article 23 of the 1992 Constitution”.

He also wants Parliament to order the restoration of the banking license of UT Bank Limited by the Bank of Ghana and the remedying of the harms done to the shareholders’ property rights as a result of the conduct of the Bank of Ghana; and, give any other directives that Parliament may deem appropriate.

In the case of Dr. Kwabena Duffuor, he prays the House to investigate the conduct of the Bank of Ghana in the takeover, appointment of an Official Administrator of uniBank Ghana Limited and the circumstances surrounding the revocation of the banking license of uniBank Ghana Limited.

He is asking Parliament to “direct the restoration of the banking license of uniBank Ghana Limited by the Bank of Ghana and the remedying of the harms done the shareholders’ property rights as a result of the conduct of the Bank of Ghana; gives any other directives that Parliament may deem appropriate”.

The Majority led by Osei Kyei-Mensah-Bonsu wanted to block the admissibility of the petition but could not provide any legal grounding to back his intentions when he was challenged by the Speaker.

Mr. Speaker went on to admit the petitions by saying he was properly clothed by law and The Standing Orders of The House to act the way he acted.

He then directed that, the seven-member committee should be formed before recess, and charged the committee in advance to sit during the break and submit its report at the second meeting of the first session of eight Parliament of the republic of Ghana.

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