HFC to lay off 3 directors

hfc-bankHFC Bank has finally confirmed that an extraordinary general meeting will be held on February 17, 2015 to remove three directors from its board.

The decision by the bank follows a ruling on Monday, February 10, 2015 by an Accra High Court which threw out an application by one shareholder seeking to stop the meeting.

The court also ordered the bank to fix February 17 as the new date for the meeting.

According to a circular issued last Monday by HFC Bank to its shareholders, the meeting as requested by Social Security and National Insurance Trust (SSNIT)- the majority shareholder- would  be seeking approval to remove the current chair of  the HFC Bank board, Muriel Edusei, with immediate effect and two other directors – Charles Ofori Acquah and Francis Koranteng.

SSNIT has also proposed the names of three persons that should be considered as directors.

They are Ebenezer Tetteh Togoe, Paul King Aryene and Victoria Emeafa Hardcastle.

According to SSNIT, it is taking this action because the current board has failed to act in the interest of shareholders.

The court battle between HFC and Republic Bank of Trinidad and Tobago and the SSNIT over the holding of the extraordinary general meeting intensified this year after SSNIT called the meeting.

The issue first started with allegations of insider trading regarding a takeover bid of HFC bank by Republic Bank of Trinidad and Tobago.

Leave a Reply

Your email address will not be published. Required fields are marked *