UniBank's operating license revoked in 2018
Dr Duffuor was ultimate beneficial holder of 99.4% uniBank shares - Receiver
The Receiver of defunct financial institution, uniBank Ghana Limited, Nii Amanor Dodoo has detailed the extent of fictitious loans granted under credit facilities by uniBank to a number of companies.
This comes after Osafo Buabeng, counsel for Dr. Kwabena Duffuor, Hoda Holdings, and Kwabena Duffuor II, continued his cross-examination of the Receiver, Nii Amanor Dodoo on February 22 and 23, 2022.
During the examination, Counsel for Dr Kwabena Duffour, tendered through Nii Amanor Dodoo, the minutes of November 30, 2016 of the Board Credit Committee of uniBank.
The loans according to the Receiver were granted by uniBank to Fuzak Company and IG Limited.
The Receiver in response explained that these facilities were fictitious loans, adding that the proceeds of facilities are often disbursed to borrowers who apply for credit facilities yet, in the case of these two companies, the loan proceeds were disbursed to shareholders of uniBank.
He stated further that Dr. Duffuor was the ultimate beneficial holder of 99.4 percent of the shares of uniBank.
Nii Amanor Dodoo [Receiver] also testified that there were no signatories to the shareholders’ account.
He added that the shareholders’ account was not opened as a customer account but rather as a general ledger account to which transactions relating to companies in which Dr. Kwabena Duffuor had interests were charged.
The Receiver emphasized that these expenses did not necessarily relate to the business of uniBank.
He also testified that in preparing his report which captured the financial statements of uniBank which was submitted to the Attorney General, he [Nii Amanor Dodoo] did not confront the then head of finance with those statements because at the commencement of the Official Administration of the bank, the roles of the then directors were suspended.
He added that Dr. Duffuor who is first accused person in the the matter of the Republic versus past Governor of Bank of Ghana, Dr. Kwabena Duffuor and others, held himself out as the person to be engaged by the Receiver on all matters pertaining to uniBank.
The Receiver during the cross examination disagreed with Counsel for Dr. Duffuor [Osafo Buabeng] on his assertion that the transactions on the shareholders’ account were never brought by him [the Receiver] to Dr. Duffuor’s attention.
Meanwhile, the matter has been adjourned to March 15 and 16 2022 for continuation of the cross-examination of the Receiver by counsel for Dr. Duffuor.
Nii Amanor Dodoo, Receiver of the defunct uniBank Ghana Limited and Dr. Kwabena Duffour