Inusah Abdulai B. Fuseini, Member of Parliament for Tamale Central, has said he was shocked when he heard the story that resulted in the collapse of uniBank.
The Bank of Ghana has revealed that shareholders of now defunct uniBank, have admitted to using the bank’s funds, which they took under “questionable circumstances”, to purchase a lot of real estates in their names.
Announcing the fusion of uniBank and four other struggling local banks: Sovereign, Beige, Construction and The Royal banks, into the newly-created Consolidated Bank Ghana Limited, Governor of the Central Bank, Dr Ernest Addison, told journalists on Wednesday, 1 August that: “uniBank’s shareholders and related parties have admitted to acquiring several real estate properties in their own names using the funds they took from the bank under questionable circumstances”.
“Promises by these shareholders and related parties to refund monies by mid-July 2018 and legally transfer title to assets acquired back to uniBank have failed to materialise”, Dr Addison said.
According to him, “Based on the Bank of Ghana’s review of KPMG’s assessment of the financial condition of uniBank, the Bank of Ghana has concluded that uniBank is insolvent and has no reasonable prospect of rehabilitation, or a reasonably credible path to viability.
“In arriving at this conclusion, the Bank of Ghana has carefully considered the options provided under Act 930 to rehabilitate a bank under official administration.
“The Bank of Ghana finds that in the interest of promoting financial stability, protecting the interests of depositors and lenders, minimising the costs to the tax payer, and restoring integrity in the financial sector, the only reasonable option is to fully resolve the bank by revoking its banking licence and winding down its affairs through a receiver appointed by the Bank of Ghana”.
Speaking on TV3’s New Day on Saturday, 4 August 2018, Mr Fuseini said: “The Bank of Ghana is established by statute, the Bank of Ghana regulates banks by statutes and so if there is a breach which is criminal in nature they have to enforce the law.
“For example, they have told us that some people misrepresented facts and obtained a certificate, if that is proven, then that will be fraud and its a criminal act. You have to hold those people accountable.
“If it is true that some people moved depositors money without due process, that is misappropriation and its criminal in nature.
“Indeed I’m a customer of uniBank and I have always believed in uniBank. Since they announced that uniBank was going through these issues I was shaken because clearly they had not taken the right decision.”