Isaac Adongo drags government to court over Ghana Amalgamated Trust

Member of Parliament (MP) for Bolgatanga Central, Hon Isaac Adongo has dragged the government to court over the Ghana Amalgamated Trust (GAT) Limited he described as a complete scam, MyNewsGh.com reports.

In a suit filed against the Attorney General, the Ghana Amalgamated Trust Limited and the National Trust Holding Company Limited as first, second and third defendants respectively, the lawmaker who is a member of the Finance Committee of parliament is laying four claims including;

A declaration that the agreements and arrangements between the 2nd Defendant and each of the selected local banks whereby the 2nd Defendant purports to use borrowed funds to purchase the shares of each of the selected banks is illegal as it contravenes section 9(d) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)

A declaration that the purported approval of the request of the Minister for Finance for the issuance of GHS2 Billion sovereign guarantee to support the borrowing of funds in the debt market by the 2nd Defendant to enable the 2nd Defendant purchase shares in the selected local banks does not serve to cure the breach of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) which is the governing statute of the banking sector.

A perpetual injunction against the Defendants jointly and severally from proceeding in any manner whatsoever to execute or put into effect the investment agreements between the 2nd Defendant and each and all of the selected local banks

Costs including legal fees.

It would be recalled that Hon Isaac Adongo last month described the Ghana Amalgamated Trust Limited as an outrageous waste of the tax payers’ money by the Minister of Finance, Ken Ofori- Atta.

“Let me be upfront here that GAT is a complete scam, dubious arrangement and national tragedy knitted together by persons pretending to be interested in the wellbeing of Ghana but with a clear plan to get you and I to pay astronomically over the next five years so that Ken Ofori-Atta can take over these banks”, he revealed in his latest article about GAT.

In his review, the lawmaker for Bolgatanga Central maintained that the arrangement is dubious aimed at saddling the taxpayer with huge fiscal costs for no real value except to satisfy Ken Ofori-Atta.

“I will also expose how the entire arrangement is already cooked up for Franklin Templeton (FT) Plc of the 2017 Ken Bond fame to come and take”, he threatened.