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18 December 2013

Court throws out Awuni's challenge against sale of Merchant Bank.

Commercial Court in Accra has thrown out the case by Mr Andrew Awuni challenging the sale of Merchant Bank to Fortiz PE.

According to Radioxyzonline, lawyer for Fortiz, Tony Lithur argued in Court that Mr Awuni could not take the action  because he lacks locus to sue against the sale of the bank.
The Court, Wednesday upheld Mr Lithur’s argument.
However, counsel for Mr Awuni, Egbert Faibille Jnr, says they will appeal against the ruling.

Mr Awuni, the Executive Director of the Centre for Freedom and Accuracy (CFA), is challenging the sale of Merchant Bank to the Fortis Private Equity Fund following a Bank of Ghana’s approval of a deal for the latter to pay GH¢90 million for a 90-per cent stake in Merchant Bank.
In his application, Mr Awuni was seeking, among other things, an interlocutory injunction to restrain the BoG from issuing any licence to Fortis to operate Merchant Bank as a validly acquired concern.

He was also seeking an order directing that the offer for the sale of Merchant Bank, if justified, be advertised publicly.
Mr Awuni was further seeking an order of the court requesting Parliament to institute an inquiry into the sale of Merchant Bank to Fortis.


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