Author:Vanessa Awurabena Davis Esq, AB Lexmall & Associates Introduction The High Court, Accra, has ruled on the legality of commencing the liquidation of a licensed insurance company by an originating motion on notice. The Respondent in the case had questioned whether the Applicant had properly invoked the jurisdiction of the court by filing an Originating...
Voice Summary: Introduction Businesses, be it Limited Liability Companies, Sole Proprietorships, Partnerships etc in Ghana like elsewhere exist with the aim of maximizing profit. Shareholders or persons who invest in such businesses by way of shares have an expectation that the company will keep being a going concern, make profit and declare dividends for the...
1.Introduction Conflict has become accepted as part of human engagements and endeavours. When conflict arises, the disposition of the parties involved in it is to solve it amicably or through the judicial avenues provided for the State. Sometimes, Parties who are engaged in any undertaking may agree that disputes which arise in the course of...
1.Introduction It is trite that companies are separate from their shareholders, directors and key management personnel (“controllers”).[1] A company’s property does not belong to its shareholders or directors – even if the company has a single shareholder who is also the sole director.[2] Even though these principles are basic and have been consistently applied by the...
The statutory corporation went on quietly to the ancestors without the usual Ghanaian fanfare. There was no one to sing of its former glory at its funeral. No one shed a tear for it. No sooner was it covered by the last shovel of earth was it forgotten and confined to neglected history. It is like...
The conversation relating to the August 1, 2018 announcement of the ‘collapse’ and so-called ‘consolidation’ of the five banks[1]went from taking stock of the intensity of what had happened and quickly veered into what ought to be the personal liability of the directors and management involved with these banks. Over the rest of the week...
While the majority of players and stakeholders in the financial space welcome the recent Bank of Ghana (BOG) intervention regarding the recent the ‘collapse’ of the five banks[1]and the creation of the new Consolidated Bank Ghana Limited (CBG), this move has generated some uncertainty over the legal dimensions of the regulator’s intervention. In the news, we have...
On June 7, 2018, the Government through its Minister of Information issued a press release stating that the “…Government has decided to take immediate steps to have [emphasis] the GFA dissolved”. This statement was issued on the back of Anas Aremeyaw Anas’ documentary, Number 12 which unearthed massive corruption in football administration in Ghana between...
The Bank of Ghana (BOG) on March 20, 2018, appointed KPMG as “official administrator” of Unibank Ghana Ltd (“Unibank”). According to the BOG, the appointment of the official administrator is to save Unibank from imminent collapse and prevent losses to depositors and creditors. This is the second time the BOG has intervened in the operations...
The Minority in Parliament on 5 September 2017 gave a press release with respect to an approval given by the Minister of Finance (“Minister”) concerning a credit facility taken by McDan Shipping Company (“McDan”) from the Agricultural Development Bank (“Bank”). According to the government, the Bank (through its Managing Director) sought the approval from the...