Pastor Otabil was the Board Chairman of the defunct bank, while the ICGC was named as a shareholder of the bank in the suit.
The suit was filed at the Commercial Division of the Accra High Court by the receivers of the defunct bank, Mr Vish Ashiagbor and Mr Eric Nipah, both of PricewaterhouseCoopers (PwC).
The plaintiffs are seeking to use the legal action to recover over GH837 million, being what they said were loans that the shareholders granted to themselves which remained unpaid.
By their alleged actions, the plaintiffs said, the defendants have breached their fiduciary duties under the Companies Code, 1963 (Act 179) and have caused serious financial loss to the bank.
Defendants
The shareholders and the directors join…
Read the full article at: https://www.businessghana.com/site/news/business/175850/Receivers-sue-Otabil-Ato-Essien-and-others-to-recover-GHS837million