[ 2015-01-27 ]

SSNIT’s EGM to remove directors of HFC Bank in limbo
The Extra-Ordinary General Meeting requested by
SSNIT to remove three directors on the HFC Bank
board appears to be in limbo.

A statement issued by the company secretary of HFC
Bank and copied to Joy Business said the EGM has
been postponed.

According to the statement, the decision was taken
following the filling of motion for stay of
execution pending appeal which is dated January 26
2015.

SSNIT Monday morning nominated three persons that
should be elected as Directors of the HFC Bank at
an emergency Extra-Ordinary General Meeting that
initially scheduled for January 27, 2015.

The nominated directors are Ebenezer Tetteh Tagoe,
Pual King Aryene and Victoria Emeafe Hardcastle.

These nominated directors are expected to replace
three other persons on the board SSNIT wants
removed.

It is however unclear for now whether one of these
nominated persons will be put forward or nominated
as the new Board Chair of the bank.

SSNIT explained that it wants to remove the three
directors, which includes the current board
Chairman, Muriel Edusei who are accused of not
serving the interest of shareholders.

Corporate governance expert and lawyer Joe Aboagye
Debrah is asking SSNIT and management of HFC Bank
to take their concerns to their industry regulator
rather than settling scores in public.

SSNIT and Management of HFC Bank have over the
past weeks been accusing each other of flouting
governance rules and taking actions that go
against the bank's regulation.

But Mr. Debrah says since their actions are
hurting the bank, they should rather turn to Bank
of Ghana and the Securities and Exchange
Commission to address their grievances.

Mr. Debrah also added that they are lucky that
their actions and utterances have not resulted in
a continuous decline in the value of their shares
on the local bourse.

Below is the bank’s letter

HFC BANK (GHANA) LIMITED

NOTICE OF POSTPONMENT OF
EXTRAORDINARY GENERAL

MEETING
NOTICE IS HEREBY GIVEN that following the filing
of an application for MOTION FOR STAY OF EXECUTION
PENDING APPEAL dated the 26th January 2015, the
Extraordinary General Meeting requisitioned by
Social Security & National Insurance Trust (SSNIT)
of HFC Bank (Ghana) Limited (the “Company”)
scheduled to be held on Tuesday, 27th January 2015
at Christ The King Parish Hall, Accra is hereby
postponed.

Source - Ag. Company Secretary

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