Thursday, 15 November 2018
Business

Latest News

Pressure mounts on ADB Bank MD - Experts call for his removal

Pressure is mounting on the Managing Director of ADB Bank, Dr John Kofi Mensah, to step down voluntarily or be removed from office in view of the legal suit brought against him by the Receivers of Capital Bank.

President inaugurates Ghana Commodity Market

President Nana Addo Dankwa Akufo-Addo on Tuesday launched the Ghana Commodity Exchange (GCX), a platform to create an efficient, fair, transparent and ready market for agricultural produce.

Popular News

Popular pastor, Mensa Otabil, and his church International Central Gospel…
The Association of Ghana Industries (AGI) has appealed to the…
The Bank of Ghana has cautioned the public from doing…
President Nana Addo Dankwa Akufo-Addo on Tuesday launched the Ghana…

”Otabil, ICGC, 13 others sued for ‘serious financial loss’ at Capital Bank

Popular pastor, Mensa Otabil, and his church International Central Gospel Church are among 15 shareholders and directors of defunct Capital Bank sued over the collapse of the bank.

The Plaintiffs Messrs Vish Ashiagbor and Eric Nana Nipah from PricewaterhouseCoopers say the bank’s collapse was a “direct result’ of defendants’” “‘misgovernance” and “willful” breaches of banking regulations.

The writ of summons named the ‘sins’ of each of the defendants and confirmed a financial autopsy report that said its founder William Ato Essien used depositors funds as is ‘personal piggy bank’.

In one such ‘personal piggy bank’ transactions, Ato Essien request for ¢130m loan to be given to an investment company he owned, Capital and More Ltd.

But the senior management of the bank declined the disbursement of the money which was public funds from the Bank of Ghana injected to save the troubled bank in 2015.

Passing on cost of tax stamp to producers will increase prices - AGI warns

The Association of Ghana Industries (AGI) has appealed to the Ghana Revenue Authority (GRA) to continue to bear the cost of the implementation of the tax stamp policy.

Menzgold will not fold up, it is here to stay – Nana Appiah Mensah assures

The CEO of Menzgold, Nana Appiah Mensah, has moved to assure Ghanaians that the gold dealership firm will not fold after the Deputy Minister of Finance controversially claimed that the company was on the verge of being closed down in the country.

Nduom resigns from all boards of GN firms in Ghana

Businessman Dr. Papa Kwesi Nduom has resigned as the Chairman of all Group Nduom Companies in Ghana.

Fuel prices go up again

The Institute for Energy Security (IES) has once again been vindicated over its warning last week that fuel prices could increase marginally in its projection for this month’s second pricing window, spanning October 16-31 2018.