ADB calls off planned IPO

Business News of Tuesday, 23 June 2015

Source: myjoyonline

Adb2ADB bank

The ADB bank has called off a planned sale of its shares on the market which was scheduled for today.

This follows a suit filed against the process by Member of Parliament for New Juabeng South, Mark Assibey Yeboah.

Mr. Asibey Yeboah is asking the bank to seek parliamentary approval before going ahead with the project.

Alex Afenyo Markin, who is lawyer for Assibey Yeboah, had said it will be unlawful and a matter of gross disrespect to the Supreme Court if both the government and management of the bank ignore his client’s suit at the nation’s apex court and commence the intended public share offer.

On Friday, Afenyo-Markin filed an action at the Supreme Court, asking the court to interpret relevant provisions of the 1992 constitution, which in his client’s view, the ADB IPO should first receive prior Parliamentary approval.

He said any action by the Bank or Government that breaches his client’s interest in the matter before the Supreme Court will not go unpunished.

“We will protest against any attempt by anybody to hoodwink us by bringing this argument of cost….”

He further clarified that the suit was not geared towards sabotaging anyone but to ensure that “the right thing is done”

“We don’t want any personal agenda, we are not seeking to stampede or sabotage anybody. After all the economy is not in a good shape, there are all manner of complaints with respect to efficiency and all that and so if an investor wants to come in or if the Bank wants to open up for the public to participate in its business, and to own interest we are all for it. After all President Kufuor had intention of divesting the interest of the State in adb so if the current administration or the management of adb wants to pursue that dream why not but the right thing must be done?”he said

According to him, the suit filed against the bank will only be withdrawn if the Attorney General seeks Parliamentary approval

“If today they decide to come to Parliament, there will not be any need to come to Parliament. They assured us that well they have taken note of our concerns and the matter will come to the House but as we speak, they have taken a decision on their own so we must also press home our demands”, he said.

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