View Full Version : Group kicks against proposed sale of The Trust Bank

Quaiqu Ananse
4th October 2011, 11:16 AM
Group kicks against proposed sale of The Trust Bank

A pressure group calling itself “Coalition for the Protection of Individual Liberties and Constitutional Rights (COPCOR) on Thursday appealed to Ghanaians to resist attempts by the management of Social Security and National Insurance Trust (SSNIT), majority shareholders, to sell The Trust Bank (TTB) to a foreign institution.

The group accused some top management members of SSNIT as having personal interest in the sale of TTB even though the bank is doing very well in terms of performance.

Mr George Agbenyikey, Coordinator of the group, addressing a press conference in Accra, referred to the transaction as dubious and challenged management of SSNIT to provide adequate information on the performances of banks in which SSNIT has interest with regards to dividend payment, policies, average return on equity and assets over the past 10 years.

“This will be the best way by which Ghanaians will better understand the motives

behind this hastily packaged deal that only serves to benefit the so-called big men within

SSNIT,” he added.

Mr Agbenyikey, referring to a statement issued by the management of SSNIT some weeks ago, said “it is not true if SSNIT management says the sale is of immense benefit to the country and that Ecobank Ghana Limited is a Ghanaian bank”.

He said Ecobank Ghana Limited is largely owned by Ecobank Transnational Incorporated (ETI) with headquarters in Togo and remains a foreign bank.

Mr Agbenyikey expressed surprise that nothing on the fraudulent transaction had been

said by the Trades Union Congress or the government and demanded an immediate and swift intervention from the government to stop the deal.

“Our warning is that we will not sit unconcerned whiles individuals engage in shady

deals that will make them feed fat by perpetrating fraudulent deals such as the questionable TTB transaction,” he said.

Mr Agbenyikey said TTB must not be sold to a foreign institution but rather remained a Ghanaian bank and called on the Ghanaian youth to join the group in the crusade.

Source: http://www.businessghana.com/portal/news/index.php?op=getNews&id=153419