ADVERTISEMENT
Get Started
  • About Homebase Tv | Hbtvghana.com
  • Advertise
  • Broadcast Live
  • Disclaimer
  • Privacy & Policy
  • Terms and Conditions
  • Vacancies
  • Contact Us – Connect With Us
Homebase Tv - Hbtvghana.com
  • Home
  • General News
  • Business News
  • Health
  • Life & Style
  • Politics
    • Press Release
    • Parliament
  • Sports
No Result
View All Result
  • Home
  • General News
  • Business News
  • Health
  • Life & Style
  • Politics
    • Press Release
    • Parliament
  • Sports
No Result
View All Result
Homebase Tv - Hbtvghana.com
No Result
View All Result
ADVERTISEMENT
ADVERTISEMENT

Supreme Court upholds UMB’s dismissal of former MD, Peter Illiasu over unauthorised transactions

Tue, Feb 4 2025 9:37 AM
in Ghana General News
supreme court upholds umbs dismissal of former md peter illiasu over unauthorised transactions
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on TelegramShare on Whatsapp
ADVERTISEMENT
UMB Bank

In a landmark judgment, the Supreme Court on 22nd January, 2025 unanimously ruled in favour of Universal Merchant Bank (formerly Merchant Bank) in a legal battle against its former Managing Director (MD), Mr. Peter Illiasu, affirming the bank’s decision to dismiss him in 2010 over unauthorised financial and credit transactions.

The Supreme Court justices who delivered the unanimous judgment were Sackey Torkornoo (Mrs.) CJ (Presiding), Amadu JSC, Prof (Mrs.) Mensa-Bonsu JSC, Asiedu JSC, Darko Asare JSC.  

The case involved allegations that the former MD approved loan facilities in the millions of United States Dollars well beyond the Bank’s statutory lending limit contrary to banking legislation, in breach of existing limits already sanctioned by the board and by the credit policy manual of the bank.

Additionally, the former MD was found to have wrongly authorised the payment of GHS349,593.75 from the account of Volta River Authority (VRA) in favour of Abi Capital without VRA’s consent.

The disputed payment was linked to a service variously described as brokerage fees and/or fees for due diligence services which the court determined was neither validly entered into by the MD nor approved by VRA.

The payment was also not justifiable since the purported payment was linked to a credit transaction sanctioned by the former MD in breach of statute and which violation Abi Capital was aware of.

ReadAbout

Police exhume multiple human remains in Central Tongu shrine

Ghana abstains from UN vote on LGBTQ+ rights amid push for criminalisation

‘Nkoko Nkitinkiti’ Initiative: Poultry farmers association worried over no government engagement

Further, VRA not having approved the service nor the payment, the debit on its account was unauthorised and the reversal of the transaction by the bank and the subsequent absorption of the loss of GHS349,593.75, was a financial loss recoverable from both the former MD and Abi Capital, jointly and severally.

Delivering judgment, the Supreme Court upheld the bank’s position, emphasising the duties of directors to adhere strictly to statutory regulations and internal governance structures of a bank.

The court found that the MD not only breached the terms of his service contract with the bank, but also his fiducial duties as a director of the bank, thereby undermining corporate governance principles.

The former MD with Abi Capital has been ordered by the Supreme Court to refund the sum of GHS349,593.75 with interest at the bank’s lending rate from 21st April, 2010 to the date of full and final payment.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

  • President Commissions 36.5 Million Dollars Hospital In The Tain District
  • You Will Not Go Free For Killing An Hard Working MP – Akufo-Addo To MP’s Killer
  • I Will Lead You To Victory – Ato Forson Assures NDC Supporters

Visit Our Social Media for More

About Author

c16271dd987343c7ec4ccd40968758b74d64e6d6c084807e9eb8de11a77c1a1d?s=150&d=mm&r=g

hbtvghana

See author's posts

Discover interesting ones too

Police exhume multiple human remains in Central Tongu shrine

Police exhume multiple human remains in Central Tongu shrine

0
Ramaphosa opposes Trump’s 30% tariff on South Africa

Ramaphosa opposes Trump’s 30% tariff on South Africa

0

First malaria treatment for babies approved for use

Alcaraz masterclass ends Norrie’s Wimbledon hopes

TOR throws light on premix composition amid sector reforms at stakeholder engagement

TOR dismisses claims of unchecked fuel dispatches, highlights strict multi-agency verification process

MPs vote to establish independent regulator for men’s football in England

Ghana abstains from UN vote on LGBTQ+ rights amid push for criminalisation

Joao Pedro double sends Chelsea into Club World Cup finals

Former Arsenal sporting director Edu joins Nottingham Forest

  • Ghana and Japan agree to pursue UN Security Council reforms

    Ghana and Japan agree to pursue UN Security Council reforms

    0 shares
    Share 0 Tweet 0
  • I resigned because of Prez. Mahama, NDC – former GBA President

    0 shares
    Share 0 Tweet 0
  • Rastafarian student Oheneba Nkrabea graduates from GIS after Achimota saga

    0 shares
    Share 0 Tweet 0
  • Perseus Mining Ghana announces leadership transition

    0 shares
    Share 0 Tweet 0
  • Western Region police arrest 44 suspects in major ‘galamsey’ raid

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
ADVERTISEMENT

Follow Homebase Tv

  • About Homebase Tv | Hbtvghana.com
  • Advertise
  • Broadcast Live
  • Disclaimer
  • Privacy & Policy
  • Terms and Conditions
  • Vacancies
  • Contact Us – Connect With Us

© 2014 Total Enjoyment & Proper News

No Result
View All Result

© 2014 Total Enjoyment & Proper News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.