[ 2015-02-20 ]

BoG might be forced to appoint new directors for HFC bank
Fix your internal wrangling now or I might be
forced to step in to appoint new directors to run
the bank, that's the warning coming from governor
of Bank of Ghana Dr. Kofi Wampah to the parties
involved in the HFC Bank board room saga.

A section of the board of directors at HFC bank
are currently challenging the Social Secuirty and
National Insurance Trust (SSNIT) -- the majority
stakeholder in the bank -- over moves to
reconstitute a new board of directors.

This has resulted in three consecutive
postponements of an Extra-ordinary General Meeting
(EGM) meant to choose the new directors.

But the central bank will have none of thathe
governor has hinted he may be forced to crack the
whip if the parties keep at the internal
wrangling.

"If it comes to a situation where it is clear that
there cannot be any agreement between the parties,
the central bank has powers to come in and ensure
that depositors' funds are
protected", said Dr Wampah.

He said although intervention by the central bank
may not happen anytime soon, if the current
impasse at HFC continues the law would take its
course.
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Source - Joy News

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