Board Chairman of CAL BANK resigns

….. Asuma Banda also steps down

Information available to CITI FM says two Directors of CAL bank-Board Chairman George Okoh and Alhaji Asuma Banda- have resigned from the Board of the bank.

Reliable information indicates that their stepping down follows recent agitations at the bank’s annual general meeting where there was a disagreement between some shareholders and the management over a rights issue figure.

A section of the bank’s shareholders led by SSNIT voted against the management’s decision to issue a 200 million Ghana cedis rights issue.

The shareholders claimed that they were not consulted about the figure before the annual general meeting.

The shareholders also had difficulty agreeing to a proposal from the management that three percent of the 200 million Ghana cedis figure be given to the Directors of the bank over a certain period.

CITI FM has learnt that their resignation was initiated by a section of the shareholders, notably one of the single largest shareholders in the bank.

It will be recalled that a dispute between the management of CAL and SSNIT took center stage at the bank’s recent AGM with the Managing Director and SSNIT’s legal advisor engaging in some hot exchanges.

Their resignation takes effect from today, May 7, 2008.

It is worthy to note that both Directors were recently re-elected onto the Board of CAL during the bank’s annual general meeting after being due for retirement by rotation