Appeals court throws out HFC bank case

Business News of Thursday, 5 March 2015


Hfc Bank Logo

An Appeal court yesterday March, 4, 2015 dismissed a case brought before it by a shareholder of HFC bank seeking a stay of execution of the holding of the bank’s Extraordinary General Meeting (EGM).

A shareholder of the bank took the case to the appeals court after an Accra high court on February 10th, 2015 dismissed the application for stay of execution of the holding of the bank’s EGM on the grounds that Robert Yartey, the shareholder’s lawyer had no valid lawyers’ Annual License to practice in Ghana at the time he filed the case.

Ruling on the matter the Appeals court said the application was devoid of any merits, and the applicant, being the shareholder could not prove why the stay of execution should be granted.

Speaking to Citi Business News after the ruling lawyer for the shareholder Robert Yartey said “We are disappointed with the ruling but we will look at it when the ruling is out finally and advise ourselves’.

When asked if they will consider going to the Supreme Court he said “ Going to the supreme court is an option we can exercise but looking at perhaps everything put together, the shareholders meeting that has to come on next month and so on we will consider all that. We will not be opposed to an AGM coming on next month.”

Meanwhile the court this time round did not set a date for when the EGM should be held.

The court however awarded a cost of 5, 000 cedis to the respondents of the case which is Social Security and National Insurance Trust (SSNIT). SSNIT is a shareholder of HFC bank.