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Failed banks: Details of the matter of the Republic vrs Dr. Kwabena Duffuor and others

On 22nd & 23rd February 2022, Mr. Osafo Buabeng, counsel for Dr. Kwabena Duffuor, Hoda Holdings, and Kwabena Duffuor II, continued his cross examination of the Receiver, Nii Amanor Dodoo.

He tendered through Nii Amanor Dodoo, the minutes of 30th November 2016 of the Board Credit Committee of uniBank.

The minutes indicated that credit facilities granted by uniBank to Fusard Co Ltd and IG Ltd were approved by the Board Credit Committee.

In answer, the Receiver stated that these facilities were fictitious loans, adding that the proceeds of facilities are disbursed to borrowers who apply for the credit facilities.

However, in the case of these two companies, the loan proceeds were disbursed to shareholders of uniBank.

He stated further that Dr. Duffuor was the ultimate beneficial holder of 99.4% of the shares of uniBank.

Nii Amanor Dodoo testified that there were no signatories to the shareholders’ account. He stated that the shareholders’ account was not opened as a customer account but rather as a general ledger account to which transactions relating to companies in which Dr. Kwabena Duffuor had interests were charged. He emphasized that these expenses did not necessarily relate to the business of uniBank.

Nii Amanor Dodoo also testified that in preparing his report which captured the financial statements of uniBank and which was submitted to the AttorneymGeneral, he did not confront the then head of finance with those statements because at the commencement of the Official Administration of the bank, the roles of the then directors were suspended.

He added that Dr. Duffuor, 1st accused, held himself out as the person to be engaged by the Receiver on all matters pertaining to uniBank.

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The Receiver disagreed with Counsel for Dr. Duffuor on his assertion that the transactions on the shareholders’ account were never brought by him (the Receiver) to Dr. Duffuor’s attention.

The matter was adjourned to 15th and 16th March 2022 for continuation of the cross-examination of the Receiver by counsel for Dr. Duffuor.

Source: 3news.com|Ghana