Former Rector of the Ghana Institute of Management and Public Administration (GIMPA), Professor Stephen Addae says he has no hand in the fall of Beige Bank.
Prof. Addae said he never formed part of the board that oversaw the defunct Beige Bank. According to him, he rather is a board member of the Beige Group and not the bank.
“I have never been on the board of Beige Bank; I have had nothing to do with Beige Bank in my life. I serve on the board of Beige Group, not the Beige Bank. It’s a matter of checking Google for this. It’s a public notice. I don’t know anything about the Beige Bank,” Professor Addae revealed to Joy Business.
Reacting to the collapse of the five local banks, Professor Addae said the approach by the Central Bank was overly aggressive and out of place.
The defunct Beige Bank was part of four other local banks that were merged to form the new Consolidated Bank of Ghana (CBG).
According to the BoG: “Beige Bank was granted provisional licenses in 2016 and launched in 2017.
Subsequent investigations conducted by the Bank of Ghana revealed that similar to the case of Sovereign Bank, both banks obtained their banking licenses under false pretences through the use of suspicious and non-existent capital, which has resulted in a situation where their reported capital is inaccessible to them for their operations.”
Meanwhile, the Institute of Chartered Accountants, Ghana (ICAG) says it has begun an enquiry into the role of auditors in the collapse of the seven banks.
ICAG says it will take appropriate action against members who are found culpable in the collapse of these banks.
In a statement, ICAG said it “has noted with great concern the current developments in the banking industry with particular reference to the collapse of seven banks.
The Council of the Institute wishes to assure the general public that the Institute has a formalized procedure to handle complaints against its members.”
ICAG said, “the Professional Standards and Ethics Committee of the Institute, in line with its mandate, has initiated the necessary enquiries on the matter and that an appropriate action will be taken if merit to the complaint is established.”
Source: Joy News
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He is not just a Board Member. He is the CHAIRMAN of the Beige Group, and the Bank was the flagship unit of the group. If the flagship business is not discussed at the Group Board what do they actually do. By the way under the Banks and SDIs Act (930) 'Group companies' that have Banks as subsidiaries fall within the coverage of the BoG. There is no hiding place Prof. Please don't break ranks and stick together to manage the storm.
'otilo', agyeeeee, hehehe, the man is running away with the speed of Usain Bolt. This world, hmmm, becareful with the Judases and Pauls at critical point of your life. Peter said he did not know Jesus at all from anywhere on 3 occasions. If there was some credit to be shared, he will have pull up his beard in front to enjoy part of the credit for associating himself with Beige
Oh!! Prof, don't run away so soon. Help resolve the problem of the subsidiary. it is just like abusuapanyi of a clan, all your family members are under your care.
BOG, please go to the rescue of Customers and employees of First Allied Savings and Loans. Things are not good at all there. You have been supervising their work. Do not sit down unconcerned. ICAG, please look into the activities of Voscon as well, as far as their work with First Allied Savings and Loans is concerned
A board member of a Group says he had nothing to do with the activities of a Subsidiary. So what constitutes the activities of the Group, the Group's books, and am assuming always BEIGE BANK was contributing NOT APPLICABLE RETURNS, right? Its like Paa Kwesi Nduom saying Groupe Nduom has nothing to do with GN Bank's activities. Hmmm, how fast they will jump ship when it starts to sink,..... no further comment.
I recall when the bank was launched the noise and the hype u made. Prof Addae u are Osofo please don't lie. It is on ***barred word*** go and listen to what u said. This small boy has swindled all of u. Be careful next time.
Prof Addae is swerving. How can you be a board member of Biege group and not have no clue about what happens at Biege Bank. Is Biege Bank not suppose to be the Apex/Mother/Flagship entity of the group. Stop the lies. You are very much aware of what was going on, you chopped free board allowances and didnt do anything to save the bank.
I have always told you accountants are ***barred word***. Look where do they get their money all of them are rich own estates and drive in SUVs