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Legal Tussle Over Merchant Bank Deal Begins
 
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28-Nov-2013  
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The legal tussle over the sale of Merchant Bank to Fortiz Private Equity Fund begun on Thursday in an Accra Fast Track Court.

Policy think tank, the Centre for Freedom and Accuracy (CFA) is suing the Social Security and National Insurance Trust (SSNIT) and Bank of Ghana for approving the transaction without conducting due diligence.

The CFA’s Executive Director is pleading with the court to place an interlocutory injunction on the transaction which he described as “shoddy”.

Lawyer for the principal defendant, SSNIT, Peter Hayibor argued that his clients were served on a short notice and needed enough time to enter their appearance.

The Presiding Judge, Justice Lawrence Mensah adjourned the case to December 5.

A member of the plaintiff’s legal team, Lawyer Hassan Tampuli told Citi News they were satisfied with the beginning of proceedings.

“The defendants appeared not to have been served and we don't have prove of service on record and according to counsel for the defendants they were served on Tuesday and naturally they don’t have enough information to have filed their affidavit in opposition.”

He added, “We have everything on record and we were thinking that the case would have started and then taken off as a matter of course but evidently they did not have their documentation on record as of now so the matter has been adjourned to Thursday 5 December.”

Lawyer Tampuli explained that with the adjournment, it meant the transaction had been put on hold till the court decided on the pending case.

Meanwhile, the Executive Director for CAF, Mr. Andrews Awuni has hit back at the Governor of the Bank of Ghana, Dr. Henry Kofi Wampah.

According to him, the Governor’s attempt to justify the transaction was full of inaccuracies.

Dr. Woampah at a news conference on Wednesday explained that the central bank did no wrong in approving the Merchant Bank deal.

But Mr. Awuni insisted the Bank of Ghana and SSNIT failed to follow due diligence in approving the transaction.

The Centre for Freedom and Accuracy after holding several news conferences on the Merchant Bank brouhaha finally decided to seek legal redress in an Accra Fast Track Court.

Its legal team includes, Lawyer Oliver Atsu, Lawyer Egbert Faibile Jnr and Lawyer Hassan Tampuli.
In solidarity with Mr. Andrews Awuni was elderly Statesman and Diplomat, Professor S.K.B Asante.
 
 
 
Source: Citifmonline
 
 

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