Unibank shareholders accuse KPMG of misleading BoG; sues AG

Unibank shareholders accuse KPMG of misleading BoG; sues AG

Shareholders of defunct Unibank have accused KPMG of misleading Bank of Ghana into revoking their license.

In addition to the accusation leveled against KPMG, Unibank shareholders have sued the Attorney General as well.

Unibank shareholders accuse KPMG of misleading BoG, sues AG

Unibank office. Source: Citifmonline.com
Source: UGC

According to a motion filed at the High Court registry in Accra, the shareholders claimed the central bank and the Government of Ghana were both misled by the audit firm, KPMG.

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They noted that KPMG misled the regulators into believing that uniBank was being improperly managed and that the bank was likely to fall into insolvency.

According to the shareholders, the report by KPMG led to the revocation of the bank's license and its assets transferred to the new Consolidated Bank.

In addition, the shareholders alleged that KPMG misled the Ministry of Finance to transfer large volumes of public funds to establish the new bank.

They said establishing a new bank could have been avoided, arguing that the Bank of Ghana could have honoured their verified financial obligations to uniBank in order for the bank to continue running as a private entity.

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The motion further alleged that the processes leading to the formation of the Consolidated Bank were fraught with gross violations of the relevant laws of Ghana.

The stakeholders revealed that the Bank of Ghana, in establishing the Consolidated Bank, has violated the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930) and the company’s Act of 1963 (Act 179).

The shareholders are praying the court to join the Attorney General as the 18th defendant in the case.

This will be the first time the government lawyers will be directly involved in court with the process leading to the closure of seven banks in 2018.

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