Managers of collapsed banks will be dragged to court – Bank of Ghana

Managers of collapsed banks will be dragged to court – Bank of Ghana

- The Central Bank has revealed plans of ensuring that the managers of the recently collapsed indigenous banks face the law

- A top official, Osei Gyasi, stated that there are criminal issues relating to the matter that need to be addressed

The Bank of Ghana (BoG) has indicated its intention to ensure that the managers of the recently collapsed banks will face the law.

The Head of the Banking Supervision Department of the BoG, Osei Gyasi, revealed that there are criminal aspects of the breaches perpetuated by the banks.

He explained that the breaches are likely to be dealt with a court of law at the appropriate time.

A man reading a speech

Dr. Ernest Addison, Governor of the Bank of Ghana

READ ALSO: We cannot do anything to the CEOs of the failed banks - BoG

The Bank of Ghana on Wednesday, August 1, 2018, announced that it has revoked the licences of five struggling banks.

It further added that the five banks have been merged to become one bank named Ghana Consolidated Bank Limited.

The banks were the Royal Bank, Construction Bank, Unibank, Beige Bank and the Sovereign Bank.

The BoG added that some of the insolvent banks obtained their licenses using suspicious and non-existent capital.

It added that some of the banks breached cash reserve requirement, others had negative capital adequacy ratio, and the shareholders of some of the banks too engaged in supposed dubious transactions.

READ ALSO: The CEOs and MDs behind the failed banks

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Source: Yen.com.gh

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