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Business News of Thursday, 3 May 2018

Source: citinewsroom.com

KPMG denies dismissals at Unibank

Managers of Unibank, KPMG, have dismissed media reports that they have terminated the appointment of some contract workers of the bank following an assessment of the bank’s operations.

About five hundred workers of the bank are reported to have their employment contracts terminated as their roles were no longer needed.

The report suggested that the workers affected included tellers and security staff of Unibank.

But a Partner and Head of Audit Services at KPMG, Anthony Sarpong tells Citi Business News they have not yet terminated anyone’s contract with the company.

“We have not commenced any process of disengagement as at today. What has happened is that, just about three top executives who have long outstanding leave, we have recommended that they do so because their continuous stay at the bank adds additional cost which is already suffering,”

The Bank of Ghana in March 2018, allowed the auditing firm to assume management of Unibank after citing it for facing severe issues which could lead to customers losing their monies.

The bank, among others, had a capital adequacy ratio of negative 24 percent.

KPMG is expected to complete its work within six months.

Earlier, KPMG told Citi Business News it is seeking to review major liability contracts of the bank and cut down on some expenditure as it works to bring the bank back on a strong footing.

The BoG’s intervention in Unibank’s operation comes after the revocation of the licenses of UT and Capital banks for operating with severely impaired capital.