The Social Security And National Insurance Trust (SSNIT) says it will remove two independent HFC Bank members who are on its Board of Directors.
HFC Bank have been charged to take appropriate actions with the Securities and Exchange Commission (SEC), on allegations of ?insider trading? by the Republic Bank of Trinidad and Tobago (RBTT), before the process of a mandatory takeover of HFC Bank proceeds.
This is to forestall any possible legal action against the directors of the bank on their duty of care and due diligence, because ?insider trading? is a criminal offence.
Mrs. Muriel Edusei and Mr. Francis Koranteng, the two non-executive independent directors whose removal from the board of HFC Bank is being pursued by SSNIT, raised the above concern in separate statements over the weekend.
In a letter written and signed by the Director General of SSNIT, Mr. Ernest Thompson to the Board Chairman of HFC Bank last October, he expressed worry over the composition of the board.
SSNIT has been challenged to tell the shareholders of the bank what aspects of the directors? duties and responsibilities had been breached to necessitate their removal.
Meanwhile, SEC is expected to issue its report on the outcomes of investigations into alleged breaches lodged by two concerned shareholders, Mrs. Eudora Koranteng and Mr. Kwasi Asante, individually against RBTT.
Source: www.spyghana.com
