[ 2015-07-28 ]

Court throws out ADB’s IPO motion
Citi Business News has gathered an Accra High
Court on Friday July 24,2015 threw out a motion
filed by the Agricultural Development Bank (ADB)
seeking to overturn the injunction placed on the
bank’s Initial Public Offering (IPO). The
Industry of Commerce and Finance Workers (UNICOF)
earlier secured an interim injunction order from
an Accra High Court against the Agricultural
Development Bank’s IPO. The court granted a
10-day interim injunction to allow for a
substantive case to be heard. Lawyer for UNICOF
Charles Bawaduah in an interview with Citi
Business News said “ADB filed a motion to
discharge the ten day injunction which we had
filed at the court and when the matter was called
the ten day had already elapsed so in the view of
the court there was no injunction pending for
which the court needed to discharge that
matter.” Meanwhile an Accra High Court will on
Thursday July 30,2015 hear the application for an
interlocutory injunction on the Agricultural
Development Bank (ADB).

The injunction which was filed by UNICOF is to
prevent ADB from resuming its Initial Public
Offering (IPO). This comes after UNCOF earlier
worn a 10 day order of interim injunction in court
over the IPO which ended last week. Meanwhile the
National Labour Commission will today also hear
the application for a review brought before it by
the UNICOF against the Standard Chartered Bank’s
move to lay off some workers this month. Today’s
hearing will see the commission rule on the matter
after the NLC had ordered Standard Chartered Bank
to halt moves to lay off the workers of the bank
on their redundancy list. But Citi Business News
can also report that the commercial division of an
Accra High Court will also hear the application
for interlocutory injunction brought before it by
UNICOF seeking to halt the redundancy plans of
Standard Charted until the review application
before the National Labour Commission is heard and
ruled on today.

Source - Citifmonline

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