Court Throws Out ADB�s IPO Motion

An Accra High Court on Friday July 24, 2015 threw out a motion filed by the Agricultural Development Bank (ADB) seeking to overturn the injunction placed on the bank’s Initial Public Offering (IPO) City Business News reported.

The Industry of Commerce and Finance Workers earlier secured an interim injunction order from an Accra High Court against the Agricultural Development Bank’s IPO.

The court granted a 10-day interim injunction to allow for a substantive case to be heard.

Lawyer for UNICOF, Charles Bawaduah, in an interview with Citi Business News said “ADB filed a motion to discharge the ten day injunction which we had filed at the court and when the matter was called the ten day had already elapsed so in the view of the court there was no injunction pending for which the court needed to discharge that matter.”

Meanwhile an Accra High Court will on Thursday July 30, 2015 hear the application for an interlocutory injunction on the Agricultural Development Bank (ADB).

The injunction which was filed by UNICOF is to prevent ADB from resuming its Initial Public Offering (IPO).

This comes after UNCOF earlier won a 10 day order of interim injunction in court over the IPO which ended last week.