Delay in convicting directors of failed banks hurting financial market – Joe Jackson

A financial analyst, Joe Jackson, has indicated that investors have lost confidence in the financial sector following the alleged involvement of the directors in the issues that led to the sectorial crisis.

He told Alfred Ocansey on the Sunrise morning show on 3FM Wednesday, October 14 that all the executives of these collapsed banks whose actions and inaction led to the failures should be prosecuted.

Already, some of the collapsed banks’ CEOs including William Ato Essien and Michael Henaku, of the Capital Bank and Beige Bank respectively, have been arraigned following their alleged involvement in issues that led to the crisis.

Prince Kofi Amoabeng, the Director of the defunct UT Bank, has also been charged. Some former officials of the Bank of Ghana have also been charged.

Mr Joe Jackson wondered: “How can we induce confidence in the investor when the signal we are giving out is that someone does wrong and gets away with it?

“That we haven’t seen any conviction yet is sad,” he said.

He noted that “public confidence is low because they look around and see other officials walking around. Where is the state that is supposed to keep them in check?”

He further expressed concerns over the slow pace of the prosecution of the directors who are currently standing trials.

“Justice delayed is justice denied, this thing has been going on for four years and where are the convictions?

“It is really bad to those of us who operate in the market. Because it says that, if I misbehave, if I am reckless, if I am fraudulent, there will be no punishment and I will get away with it. When you are not convicting them, you are doing the market harm, you are doing the customers harm in terms of confidence and those who are in the business trying to do good and that doesn’t make sense,” he added.

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By Kaziah Owusu Afram|3news.com|Ghana