Business News of Wednesday, 14 September 2016
The current Board of the largest indigenous bank, GCB, is facing credibility crisis following revelations that it sanctioned several huge loans without the requisite collateral from some influential clients.
According to sources, the Board led by Daniel Owiredu has succeeded in approving ‘uncollateralized’ loans to cronies, putting the bank’s finances in awkward positions .
Even though all members of the Board are required by law and conventions to deliberate on the approval of huge loans, the Board chairman and two officials of the bank, who are his avowed allies have been operating in isolation and approving and passing questionable loans in the process.
Sam Aquah, the Credit/ Risk Manager at the Bank and George Fuachie, Head of Corporate have been fingered as the two officials of the bank aiding the Board Chairman to take unilateral decisions inimical to growth of the Bank .
“We can authoritatively report that , the Risk Manger has been recalled from his annual leave in order not to create room for suspicion following the appointment of a new managing director . “He (Risk Manager) has been recalled from his August leave to come and work so that their illegal activities will not be exposed,” a source disclosed .
Confidential documents in possession of this reporter indicates that some individuals and corporate institutions, which ‘have less convincing collaterals” have been given huge loans, raising questions about due diligence and fairness.
“Cronyism is the order of the day here; we just give loans anyhow without any collateral. This is affecting our operations. The Board Chairman has practically taken over everything and he is acting unilaterally with these two gentlemen,” an angry source told this reporter.
This online portal can say on authority that one of the officials has been taking huge financial commitments from clients and corporate bodies for easy facilitation of their loans. This action has been described as professionally unethical and criminalby our reliable source.
This portal will make available genuine documents to expose the rot being perpetuated by a section of the board.
The Board of the Ghana Commercial Bank Limited appointed Mr. Daniel M. A. Owiredu as its Chairman on Wednesday, October 22, 2014.
Mr. Owiredu was the past President of the Ghana Chamber of Mines and also the Executive Vice-President and Chief Operating Officer of Golden Star Resources Limited, a Canadian mining company operating in Ghana before he was appointed to the GCB Board