\n
Defunct uniBan, placed under
\nthe receivership of Nii Amanor Dodoo by the Bank of Ghana, has sued the founder of the private bank, Dr.
\nKwabena Duffour, his companies and some other shareholders over circumstances
\nleading to the collapse of the bank.<\/p>\n
Filed before an
\nAccra High Court, the suit is seeking an order for the 10 defendants to cough
\nup GH\u00a25.712 billion which was allegedly misappropriated by them and persons
\nrelated or connected to them.<\/p>\n
The other
\ndefendants in the matter include Dr. Kwabena Duffuor II, Ekow Nyarko Dadzie-Dennis,
\nBoatemaa Kakra Duffuor and Starlife Insurance.<\/p>\n
The rest are Hoda
\nHoldings Limited, Hoda Properties Limited, Integrated Properties, Alban
\nLogistics Limited and Bolton Portfolio Limited.<\/p>\n
The suit alleges
\nthat the plaintiffs, while in charge of the bank which became insolvent leading
\nto the takeover by the Central Bank, used their control over the bank to cause
\nthe execution of over 1,000 separate transactions for their own benefits and
\npersons related to them.<\/p>\n
It further averred
\nthat as at May 2018, the shareholders and persons related to them owed the
\ndefunct bank approximately GH\u00a24.97 billion which later rose to GH\u00a25.712 billion
\nas a result of loans and advances obtained by the shareholders and persons
\nrelated or connected to them.<\/p>\n
The suit also averred
\nthat the loans and grants advanced the shareholders and their relatives were
\nunlawful, as they were made in breach of applicable laws, including Act 673 and
\nAct 930.<\/p>\n
\u201cThe transactions
\ndid not comply with the plaintiff\u2019s (uniBank\u2019s) internal procedures and
\napproval requirements. The transactions constituted in many cases, the unlawful
\nreturn of the plaintiff\u2019s assets to the shareholders,\u201d the suit averred.<\/p>\n
Liquidity Support<\/strong><\/p>\nThe suit also
\naccused some of the shareholders of the defunct bank of \u201csiphoning\u201d the bank\u2019s
\nfunds leading to the bank depending significantly on liquidity support from the
\nBoG from 2015.<\/p>\n
It said despite
\nthe financial situation of the bank caused by the actions, the defendants,
\nspecifically Dr. Kwabena Duffuor II and Ekow Nyarko Dadzie-Dennis presented \u201cinaccurate
\ninformation to the BoG and the public over the years to create the impression
\nthat the plaintiff (uniBank) was in good financial health, while insiders and
\nrelated parties continued to siphon money from the plaintiff.\u201d<\/p>\n
Fresh Suit<\/strong><\/p>\nThe fresh suit
\nfollows the dismissal of an earlier one filed the Receiver as the court held
\nthat he did not have the capacity to sue in his personal capacity.<\/p>\n
The High Court,
\nin dismissing the case, had ruled that Mr. Amanor Dodoo did not have the
\ncapacity to issue a writ in his own name in the manner that it was done.<\/p>\n
The Receiver had
\nsued Dr. Duffuor and 16 others to pay GH\u00a25,712,623,145 which was allegedly misappropriated.<\/p>\n
In a suit filed
\nat an Accra High Court, Mr. Amanor Dodoo, who is a senior partner at KPMG, was
\nseeking an order of the court against Dr. Duffuor and 16 others with links to
\nthe defunct bank to repay the huge amount of money.<\/p>\n
The presiding judge,
\nJustice Jenifer Dadzie, dismissed the case and an injunction which had stalled
\nthe arbitration process, being presided over by former Supreme Court judge, Dr.
\nJustice Dateh-Baah.<\/p>\n
Reliefs<\/strong><\/p>\nMr. Amanor Dodoo,
\nin his new writ, is once again seeking an order on the 10 defendants to cough
\nup GH\u00a25,712,623,145 \u201cunlawfully taken from the plaintiff, after the deduction
\nof the amounts used to acquire the properties and assets which would be
\ntransferred and\/or returned to the plaintiff.<\/p>\n
It is also
\nseeking an order on the defendants to transfer or return to the defunct bank
\nwithin 15 days after the judgment of the court some 76 properties and assets
\nacquired with funds taken illegally from the bank.<\/p>\n
It also wants a
\ndeclaration that all the properties and assets identified to have been acquired
\nwith funds unlawfully taken from the bank are held in trust for the bank.<\/p>\n
Again, the writ wants an interest at the prevailing interest rate on the GH\u00a25,712,623,145 from the date it became due till the date of the final payment.<\/p>\n
BY Gibril Abdul Razak<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"Defunct uniBan, placed under the receivership of Nii Amanor Dodoo by the Bank of Ghana, has sued the founder of the private bank, Dr. Kwabena Duffour, his companies and some other shareholders over circumstances leading to the collapse of the bank. Filed before an Accra High Court, the suit is seeking an order for the […]<\/p>\n","protected":false},"author":1,"featured_media":700638,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-700637","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"\n
Duffuor, Others Sued Over GH\u00a25.7bn uniBank Cash - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/09\/07\/duffuor-others-sued-over-gh\u00a25-7bn-unibank-cash\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Duffuor, Others Sued Over GH\u00a25.7bn uniBank Cash - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Defunct uniBan, placed under the receivership of Nii Amanor Dodoo by the Bank of Ghana, has sued the founder of the private bank, Dr. Kwabena Duffour, his companies and some other shareholders over circumstances leading to the collapse of the bank. 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