Minority suspends suit against ADB

Plans by the Minority in Parliament to seek an order of the Supreme Court on the Agricultural Development Bank’s decision to float it shares have been put on hold.

The Minority suspended its plans to sue the bank following intense lobbying by officials of the bank.

Lawyer for the Minority, Alexander Afenyo Markin confirmed to Joy News that a “senior person” working for the bank told the Minority Leader that management is engaging the Attorney General’s Department and the Finance Ministry to get parliamentary approval for its move to float shares and get listed on the Ghana Stock Exchange.

The Minority in a letter to the bank last week demanded that its plans to float shares be brought before the legislative for approval. It threatened to go to court if the bank failed to seek parliamentary approval before floating.

Mr. Afenyo Markin said he was busy over the weekend working on papers to be filed by the close of day Monday when the bank asked his clients to hold their fire.

He said since the bank has “pleaded with the Minority to hold on” with the suit, he is hopeful the matter will come to parliament for consideration.

The Minority is however keenly monitoring developments in the bank to inform its next step, he stated.

Mr Afenyo Markin placed on record that the Minority NPP fully support the involvement of the private sector in business, and as such do not have any problem with the bank going public but stressed the processes must be done in accordance with the law.

Meanwhile, the current challenges facing the Managing Director of ADB Stephen Kpordzih appears not to be ending anytime soon.

Workers of the bank are now pushing for his dismissal, because they have lost faith in his ability to steer the bank out of its current predicament.

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