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General News of Tuesday, 22 September 2015


Revealed: Afenyo Markin demanded Ghc1m from ADB IPO

Alexander Afenyo Markin Alexander Afenyo Markin

NPP Legislator, Afenyo Markin wanted to make some 1 million cedis from his involvement in the Initial Public Offer of the Agricultural Development Bank, a new secretly recorded tape suggests.

The tape, in possession of has Markin, who is Member of Parliament for Efutu in the Central Region of Ghana, making a demand for the money from one of the characters embroiled in what has so far become a very messy business gone bad.

The tape is of many in circulation that Markin’s ‘detractors’, as he calls them, say were meant to be bribe to get him to soften his stance in the case in which he is seeking to question in court, the bank’s IPO.

In a number of audio recordings available to, the Lawyer is captured negotiating with bank officials for funds to be paid into his account.

In one of the tapes, which is in possession of, he is heard admitting to receiving funds.

The bank have since been forced to suspend its Initial Public Offer in the wake of the allegations.

Markin has, however, filed a suit against the bank at the Supreme Court seeking among other things a relief to compel them to first seek Parliamentary approval for its IPO.

But Markin, who has been made aware of the tapes in circulation, some of which are pretty damning, is threatening to go full scale in the suit he has brought against the ADB.

“The ADB case will never be withdrawn,” he said in an interview with Randy Abbey on Metro TV.

He was reacting to his alleged involvement in a bribery scandal that has rocked the bank.

The Effutu lawmaker had, a week ago, slapped an injunction on the bank’s Initial Public Officer (IPO) and prayed the court to compel it to first seek Parliamentary approval before going ahead with the transaction.

The bank on Monday served notice of the indefinite suspension of its IPO that would have paved the way for it to list on the Ghana Stock Exchange.

A statement signed by its Resource Coordinator, Justice Apenkwa, directed its agents to return all shares sold.

“Please be advised of the suspension of the Initial Public Offer of ADB shares until further notice. Kindly transfer what you have already sold to the returning officer/Financial Controller,” the statement in part read.

What triggered the suspension was not readily made known by the bank but industry players say it may not be far from the bribery allegations.

It was the second time the bank had suspended the IPO which was scheduled to close in October, 2015.

Markin is yet to respond officially to the allegations of bribery.

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