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GHANA WEATHER

Shareholders of defunct UniBank demands KPMG report

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Shareholders of defunct UniBank are demanding the official report by KPMG on the Bank.
The shareholders, in a statement, said they have been denied access to the report by the Bank of Ghana without any reason.
They have also cited KPMG for allegedly engaging in a conflict of interest arrangement with the banking regulator, Bank of Ghana (BoG).
The BoG on August 1, 2018, announced the revocation of universal banking licences of five banks and subsequently created the Consolidated Bank to take over selected assets and liabilities of the five institutions.
The banks are the UniBank, Construction, Royal, BEIGE, and Sovereign Banks.
The stern action by the central bank, according to the Governor, Dr.Ernest Addison, will strengthen the financial system in order to protect the interests of depositors.
However, in what is the first public statement from the indigenous bank since the revocation of its licence, the shareholders of UniBank criticised the BoG for failing to provide them a copy of a report purported to have been authored by the international audit firm, KPMG, on the Financial Condition and Future Prospects of UniBank Ghana, although the same document has found its way to the media.

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