Isaac Adongo, Bolga Central MP

Member of Parliament for Bolgatanga is unhappy with how the Bank of Ghana (BoG) has handled issues relating to uniBank and others in the purchase of adb bank shares.

Isaac Adongo sees the move by the regulatory body as a calculated one aimed at collapsing the bank whose management has been handed over to accounting firm, KPMG.

“BoG should stop this regulatory hostility against uniBank and the people who are interested in helping uniBank to survive,” the MP said on Joy FM’s news analysis programme, Newfile on Saturday.

The MPs comment is in relation to the cancelation of the acquisition of 51 percent of adb Bank by a consortium led by investor Belstar Capital. The BoG said the shares had been inappropriately acquired, hence its decision to annul it.

The Central Bank also banned all directors appointed to adb’s board by the consortium adding that the shares acquired by Belstar and an affiliate were acquired “under questionable circumstances” with funds it had earlier advanced to the distressed uniBank.

BoG’s statement on Monday accused Belstar and Starmount of engaging in other questionable, unsafe, and unsound transactions involving uniBank to the detriment of Ghana’s financial system.

“The Bank of Ghana considers that Belstar and Starmount are not fit and proper persons and (it) cannot permit them to continue to hold shares acquired directly or indirectly in adb,” it stated.

But Mr Adongo described as false the BoG’s claims that uniBank diverted funds it was given to support it for the purchase of the shares.

He claims to have seen transaction records of other banks, adding, on the day uniBank was given GHS400 million by the BoG, three other banks on the interbank market had also given them GHS350 million.