HFC EGM cancelled

????????The Extraordinary General Meeting (EGM) of HFC Bank scheduled for Tuesday, January 20, has been cancelled.

A notice issued by the bank in Accra on Friday and signed by the Company Secretary said two shareholders have gone to court to seek an interlocutory injunction against the EGM.

The 13 defendants in the suit include the Social Security and National Insurance Trust (SSNIT) and Ernest Thompson, Director-General of SSNIT.

SSNIT holds 26 per cent shares in HFC Bank.

The HFC Bank EGM was requisitioned by SSNIT ostensibly to cause the removal and replacement of two non-executive independent directors, Mrs. Muriel Edusei and Mr. Francis Koranteng from the HFC Bank board.

Observers believe the court injunction might create opportunity for shareholders of the bank to seek clarification from directors on recent happenings with the bank as regards the mandatory takeover by RBTT.

There have been issues of alleged insider trading against the Republic Bank of Trinidad and Tobago (RBTT) which became a court matter between HFC Bank and RBTT recently.

Although the Supreme Court upheld RBTT’s view that the complaint should first have been lodged with the Securities and Exchange Commission (SEC) and not at the court, the issue remains unresolved.

Mrs. Eudora Koranteng and Mr. Kwasi Asante, two concerned shareholders of the HFC bank, individually filed complaints with SEC to investigate alleged breaches against RBTT.

Earlier last week the two directors, whom SSNIT wants removed, cautioned the board not to disregard shareholder interest, but consider it a responsibility to establish the truth of the allegation.

Last Thursday, the Financial Intelligence Centre (FIC) of Ghana advised both SSNIT and SEC to investigate the matter of the alleged insider trading and report back to the centre as soon as practicable.

According to the centre, insider trading is one of the predicate offences of money laundering provided under Sec 1 (2) of the Anti-Money Laundering Act, 2008 (Act 749), as amended.

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