NTHC Limited Banned from trading on GSE

NTHC Limited has been suspended from trading on the Ghana Stock Exchange. Reports indicate that the Ghana Stock Exchange, in a letter issued last Thursday, 3rd March 2005 suspended NTHC Limited after it reneged on the payment of its commission..., to the Stock Exchange and the Securities and Exchanges Commission, on a 186 billion Cedi transaction it undertook for the Government of Ghana and the Social Security and National Insurance Trust (SSNIT).

The Government, in that transaction, was offloading 12.5% of its stake in the nation's biggest bank to the national Pension Fund. Officials of the company have been tightlipped as to the details of the issue. This issue comes in the wake of the current boardroom wrangling at the company. It would be recalled that, some time last year, the chairman of the companies board, Peter Osei Duah, ordered a procedural audit of the activities of the Managing Director Dr. A W Q Banor, after which, certain findings about him were published in the print media.

Dr. Banor, in response, went to court to protest against some of the allegations in the procedural audit report and whilst the case remained in the courts, the board served him with a letter suspending him indefinitely, for which reason, he filed and won an exparte motion against the company's board of directors and Baffour Awuah and Associates which restrains the company from suspending or carrying out any disciplinary action against Dr. Banor, or in any manner, do anything relating to the complains in the procedural review report.

It is now quite uncertain whether, this debacle, could in any way destabilize the job of Dr. Banor at NTHC, a company whose current board room politicking, is rumored to be leading to it losing some of its most experienced staff, notably, its head of corporate finance, Raz Obeng and Chief Dealer and broker Alhassan Iddrisu Mahama.