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Board Chairman of BOST resigns over collapse of Sovereign Bank

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Board Chairman of the Bulk Oil Storage and Transportation Company (BOST), Kwame Acheampong Kyei has resigned from office over the collapse of Sovereign Bank, one of the five banks, the Bank of Ghana shut down recently for breach of banking regulations.

He resigned as the Board Chairman of the now defunct Sovereign Bank shortly before the revocation of its operating licence by the Central bank.

Mr. Kyei stated in a letter dated August 22 and addressed to President Akufo-Addo that in view of recent developments relating to his association with the purchase and assumption of Sovereign Bank and the resulting unfortunate furore in the media he decided to voluntarily step down as Chairman and Member of the Board of BOST for the time being.

According to the Bank of Ghana, Sovereign Bank was closed down because it obtained its banking licence under false pretences through the use of suspicious and non-existent capital.

However, in the wake of media discussions of the collapse of the bank, Mr. Kyei explained that he resigned from the Board of Sovereign Bank in March 2018, when he noticed that certain improprieties had taken place in the management of the affairs of the bank without his knowledge.

He stated that he left Sovereign Bank at least five months before the Bank of Ghana clampdown on the banking sector.

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