SIC-FSL operations not affected by adb shares annulment – Board

SIC Financial Services Limited (SIC-FSL) has assured its numerous clients that its operations have not been affected by the recent annulment by the Bank of Ghana of the acquisition of shares in adb Bank by some four entities.

The Central Bank on Monday announced the annulment of the acquisition of shares by Belstar Capital, Starmount Development Company Limited, SIC-FSL and EDC Investment Limited.

It said the acquisition of a total of 50 per cent of shares in adb Bank in 2016 was in breach of Section 49 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The Central Bank, therefore, asked the four directors not to hold themselves as such with effect from the time of announcement.

But the board chairman of SIC-FSL, John Evans Totoe, has assured clients that the transaction has been investigated and subsequently “addressed”.

“We wish to assure you our clients that the issues raised with regards to this transaction and subsequent corrective measures taken by the Central Bank have not and do not in any way adversely impact the operations and sustainability of our business,” Mr Totoe said in a statement on Tuesday.

He said SIC-FSL takes fiduciary duty to its clients and shareholders and “shall continue to serve its clients in the most professional and ethical manner”.


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