Business News of Wednesday, 30 December 2015
Managing Director (MD) of Agricultural Development Bank (ADB) Stephen Kpordzih has lost his position at the bank, according to Citi FM.
The move follows the non-renewal of his contract by the board of the bank.
Citi Business News has gathered the board informed him over the non-renewal of his contact in a letter handed to him yesterday, 29th December, 2015.
He is however expected to bow out in the first week of January, 2016.
In September this year-2015, Stephen Kpordzih’s contract was extended for six months after it expired in July this year.
A letter of extension of duration of contract signed by board chairman, Nana Soglo Alloh IV, addressed to Stephen Kpordzih and copied to the secretary of the President John Mahama, Chief of staff and the Finance Minister cited by Citi Business News at the time stated that his extension took effect from August 1st, 2015.
Mr Kpordzih’s tenure expired on July 31st 2015 but he had remained in office.
Mr Kpordzih has come under serious bashing over moves to launch an Initial Public Offer (IPO) for the bank.
The launch however took off on the 23rd of December, 2015.
The launch was been put on hold several times following a number of law suits filed against the bank for the move.
The last suit that was filed against the launch of the offer was by the Member of Parliament for New Juaben South, Mark Assibey Yeboah, but was later withdrawn.
His lawyer, Alexander Afenyo Markin, who announced that at the Supreme court in October, 2015 said the decision to withdraw the case was due to assurances by management of ADB to engage parliament to resolve the issues of contention.
But the reason cited was vehemently denied by lawyer for ADB Tony Lithur, who stated that his clients never held talks with the plaintiff.
There has also been massive opposition to Stephen Kpordzih’s continuous stay in office by the bank’s workers’ union, accusing him of mismanaging the bank.
They subsequently called for his resignation and the dissolution of the bank’s board
The workers accused the MD and the board of selling the bank’s head office for $10 million only to rent a facility at GHC1 million a month.