Court battles won’t affect our image – SEC boss

The Securities and Exchange Commission (SEC) has dismissed reports that the accusations of bias against it in the mandatory takeover of HFC bank by Republic Bank would tarnish its image and negatively impact the Ghana Stock Exchange.

HFC Bank recently sued the Republic Bank of Trinidad and Tobago and the Securities and Exchange Commission for breaches in SEC’s code on takeovers and mergers.

The Supreme Court subsequently ordered HFC bank to present its concerns to SEC for investigations despite their concerns of bias on the part of SEC.

The Securities and Exchange Commission however told Citi Business News it is yet to receive the formal complaint from the bank despite the order.

Speaking to Citi Business News the Director-General of the Securities and Exchange Commission (SEC) Adu Anane Antwi said they are not disturbed by the ongoing stand off.

“We don’t have any problem with what they are doing. If anybody alleges, we investigate, if we investigate and we don’t find anything, we tell the whole world we didn’t find anything “, he said.

SEC said it was also not concerned about moves by SSNIT to replace its two representatives on the board of HFC Bank as long as they use due process.

Two board members Mrs. Muriel Edusei and Mr. Francis Koranteng are expected to be removed from the board of the bank after an Extraordinary General Meeting (EGM) on January 20, 2015.

According to Mr. Adu Anane Antwi ,”shareholders have the right to remove directors, and so if they go and exercise that right SEC has nothing to say about that , once they follow due process they can go through it.”

Source : citifmonline.com