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Business News of Monday, 6 August 2018

Source: adomonline.com

I resigned before Sovereign Bank collapse – Former Board Chair

Former Board chairman of the defunct Sovereign Bank is threatening legal action over reports linking him to the collapse of Sovereign Bank.

Dr Kwame Acheampong-Kyei says he has nothing to do with activities leading to the collapse of the bank.

There have been reports linking him to some fraudulent acts which may have led to the collapse of the bank.

The reports claim Mr Acheampong-Kyei who is the Board Chair of the Bulk Oil Storage and Transport (BOST) Board Chairman engaged in some underhand dealings which have led to the collapse of the bank.

This was after the Bank of Ghana withdrew the license of the Sovereign Bank together with four others and merged the five banks into the Consolidated Bank Ghana. The four other banks are Beige Capital, Unibank, Royal Bank and Construction Bank. There have been calls for the Directors of the failed banks to be prosecuted.

In the wake of the controversy, Dr Kwame Acheampong-Kyei has been drawn in with many calling for his prosecution.

But on Asempa FM’s Ekosii Sen programme Monday, lawyer for Mr Acheampong-Kyei said he feels scandalized by the reports.

Lawyer Kwasi Amofa Agyemang explained that many of the breaches of the Bank of Ghana regulations at the bank happened at the blindside of his client.



“We deem the publications and circulation as mere fabrication, albeit provocative aimed at tarnishing the hard-earned reputation of Dr Kwame Acheampong-Kyei,” lawyers for the BOST board chair said.



Mr Agyemang added that they are ready to take every action possible to ensure that persons engaging in the malicious fabrications are brought to book.