Pressure group, OccupyGhana has joined a growing list of individuals and institutions calling for the prosecution of directors and shareholders of the seven collapsed banks if found guilty by a court of competent jurisdiction.
A member of the once vibrant group, Kweku Segbefia, speaking on Adom FM’s Morning show Dwaso Nsem Thursday, said his outfit sees the near-fatal collapse of the hub of national development as being caused by the failure of regulatory authorities.
“We are shocked at the failure, refusal or neglect of regulators, in the face of several reports evidencing the obvious wrongs and impending collapse, to do anything to stem the tide or stop the flow, save pouring more bailout money into the banks without asking for collateral or even appointing advisers to control the use of the taxpayer’s monies” he said.
READ RELATED STORIES
- OTABIL’S STATEMENT ON CAPITAL BANK COLLAPSE NEEDLESS – BANKING EXPERT [Audio]
In 12 months, seven local banks have had their licenses withdrawn for being insolvent.
Directors and shareholders of the UT Bank, Construction Bank, Royal Bank, Sovereign Bank, Unibank, Capital and Beige Banks were said to have engaged in several acts of impropriety, leading to the collapse of the banks.
Explaining the circumstances under which the banks collapsed the Bank of Ghana said: “In August 2017, the Bank of Ghana commissioned an independent investigation into the circumstances that led to the collapse of UT Bank and Capital Bank.
The investigation was conducted by Boulders Advisors Limited whose report cited various instances of supervisory weaknesses, regulatory breaches, corporate governance failures, insider dealings, and accounting and financial improprieties, among others.”
According to Mr Segbefia, those in management or other positions of trust who have been implicated should have their personal properties seized and sold to pay back the public debt.
The Pressure group is, therefore, calling on the Government not only to make public the results of all investigations conducted but to ensure that the law, both civil and criminal, is made and allowed to take its course without fear or favour.