Securities and Exchange Commission (SEC) has exonerated Republic Bank Limited (RBL) of the concert party allegations.

Republic Bank Limited
Republic Bank Limited

This excites the Bank?s Director of African Operations, Mr. Robert Le Hunte who expressed satisfaction about the situation and stated in a release that, ?We are pleased with the results of the investigations published by the SEC in the January 12, 2015, issue of the Daily Graphic.?

SEC stated that it did not find a concert party relationship between Yellow Tide and Republic Bank with the intent of cooperating to consolidate control of HFC Bank.

According to Mr. Robert Le Hunte, the decision by SEC to clear them off the allegations is a confirmation of Republic Bank?s commitment to abide by the laws, rules and regulations that govern the territories in which they operate.

?The Bank?s recent winning of the Supreme Court case, with respect to the action filed by HFC Bank in the High Court, endorses Republic Bank?s adherence to due process in Ghana as well as its confidence in Ghanaian state institutions,? he said.

However, the Bank says, it looks forward to swift action by all interested parties toward concluding the long outstanding MTO, a widely internationally recognised process that attempts to give shareholders the opportunity to make a decision on their shares.

 

Source: spyGhana.com

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