Parliament to probe collapse of UT, UniBank

The Speaker of Parliament, Alban Sumana Kingsford Bagbin has directed the leadership of parliament to set up a seven-member committee to probe into factors leading to the revocation of licenses of defunct UT Bank and UniBank.

His request comes after the two businessmen Prince Kofi Amoabeng of defunct UT bank and Dr. Kwabena Duffour of UniBank, petitioned Parliament.

According to the Speaker of Parliament, the committee should be ready before parliament goes on the Easter recess and are expected to continue their work throughout the holidays.

Mr. Amoabeng petitioned parliament to investigate the conduct of the Bank of Ghana and the Ghana Stock Exchange for the revocation of UT Bank’s banking license and delisting the bank from the exchange.

He is also seeking Parliament to direct the central bank to restore banking license of UT Bank as well as for the central bank to remedy the harm done to the shareholders’ properties rights.

The petition also wants parliament to give any other directive they deem appropriate.

On the part of Dr. Kwabena Duffour, he is asking the legislature to investigate the circumstances leading to the revocation of the banking license of uniBank.

He is also asking the House to remedy the “harm” done to the shareholders’ property rights as a result of the conduct of the Bank of Ghana as well as give any other directives that Parliament may deem appropriate.

Meanwhile, the leadership of both the Majority and Minority caucuses have up to March 31, 2021, to present names of MPs to be part of the committee.

Prince Kofi Amoabeng and Dr. Kwabena Duffuor last week petitioned Parliament to investigate the conduct of the Bank of Ghana and the Ghana Stock Exchange following the revocation of the license of their respective financial institutions — UT Bank and UniBank.

Source: Business 24, https://business24.com.gh/2021/03/24/parliament-to-probe-collapse-of-ut-unibank/

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