[ 2015-03-25 ]

ARB Apex Bank Board Reacts
The Board of Directors of ARB Apex Bank has
finally responded to allegations that were made
against it recently in the media.

According to the board, the recent media reports
were misleading and deliberate.

Commenting on the alleged purchase of luxurious
residence for the Managing Director, it said,
“No property, luxury or otherwise has been
approved or purchased by the ARB Apex Bank for the
Managing Director.”

It said the Economic and Organised Crime Office
(EOCO) requested some information and documents on
the operations of ARB Apex Bank and they had been
duly submitted.

On the renovation of Bolgatanga and Kumasi
branches, the board said the branches were
renovated in 2005 and 2010 respectively, adding
that per the agreements with the various
landlords, the ARB Apex Bank was mandated to carry
out periodic maintenance of the said property.

Allegations against MD

The board categorically denied reports that the MD
had misappropriated funds, adding that it was
unaware of any demand by the staff for the
resignation of the MD.

Phone tablets for board members

It said the bank has a policy to implement a
paperless office concept and it was for that
reason that the bank purchased smart PCs for the
board members to assist them to access working
documents for board deliberations due to the cost
and time spent in dispatching board papers.

It indicated that no board member received
GH¢11,000 as bonus.

It stated that the performance of RCBs was the
primary responsibility of their respective boards
and management.

On the issue of inspection, it said it had cost
implication although the ARB Apex Bank was
competently managing that.

It said, “The ARB Apex Bank’s policies and
procedures guiding the sale of forex are robust
and forex is sold to the highest bidder at all
times.”

Luxurious vehicles

The board explained that replacement of standard
vehicles for heads of departments of the bank was
periodic, adding that the said purchase and
disposal of used vehicles were consistent with the
existing policy and the conditions of service of
the ARB Apex Bank as approved by the board.

ICT charges

Touching on ICT related charges, the board said
the bank does not charge Rural and Community banks
(RCBs) for ICT services.

“RCBs, however, pay for the communication link
between the RCBs and the ARB Apex Bank, and
hardware and software maintenance charges provided
by external service providers. The costs have not
changed since their inception in 2010.”

The board said periodic reports on the performance
of RCBs, which are submitted to the Bank of Ghana
(BoG), do not reflect the efficiency or otherwise
of the ARB Apex Bank.

It noted that the bank has health relations with
DANIDA, adding that the joint project with the
entity was ongoing.

Source - Daily Guide

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