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Business News of Monday, 21 November 2016

Source: citifmonline.com

We’re investigating Apex Bank MD, board chair – BoG

The Bank of Ghana (BoG) has disclosed that it is investigating allegations made by the Union of Industry, Commerce and Finance Workers (UNICOF) against the Managing Director and Board Chair of ARB Apex Bank.

UNICOF, yesterday demanded that the central bank publish its investigations on alleged mismanagement by the Managing Director of the Bank, Kwadwo Aye Kusi.
The union urged workers of the bank to tie red cloth around their wrist as a sign of protest.

But reacting to the issue during the announcement of the Policy Rate, the Governor of the Bank of Ghana Dr. Abdul Nashiru Issahaku stated that an investigation team is working with both parties and will soon come out with the findings.

According to him, the process has commenced with the involvement of UNICOF and other state agencies to ascertain the allegations.

“The Apex issue, yes we are aware and we are investigating and our team are engaging both management, Apex bank and UNICOF, so that’s something we are aware and I have seen the memos come and flying up and down, so its something that we are actively involved in trying to resolve,” he assured.

UNICOF maintained that the continuous stay of the MD contradicts best corporate governance practices.

“We would be very grateful if the Bank of Ghana will come out with the findings from the investigations. They gave us two weeks back but we haven’t gotten any information till now and it seems nobody wants to listen to us. But we do not want to assume that the central bank is condoning with the wrong doing going on at the bank,” the General Secretary of UNICOF, John Senanu Amegashie told Citi Business News.

The union is also unhappy with the process leading to the extension of the tenure of the Managing Director and therefore wants the processes relooked.
Mr. Amegashie further explained to Citi Business News the matter if unresolved, will affect the country’s financial sector.

“In any case it is the interest of the workers that we are trying to secure. If we are not able to secure that and the company collapses, there will be no jobs. As such we would want to secure the interest of the workers and the general public too because the ARB Apex Bank belongs to the government and the people of Ghana.”

Mr. Amegashie would however not readily disclose the next line of action by the group after the two day decision elapses.

According to him, their displeasure has also been deepened by the inability of the Board Chairman to give a listening ear despite a directive by the Trades Union Congress for a meeting between the management and workers union.
Meanwhile the management of Apex bank is yet to comment on the matter.