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Former Board chairman of the defunct Sovereign Bank has described as vile and malicious reports linking him to some fraudulent acts which may have led to the collapse of the bank.

According to Dr Kwame Acheampong-Kyei, such reports are only calculated at tarnishing his hard-won reputation.

In a strongly worded statement issued by his lawyers, the Board Chair of the Bulk Oil Storage and Transport (BOST) said he has nothing to do with the activities that led to the collapse of the bank.

The statement comes days after the Bank of Ghana withdrew the license of the Sovereign Bank together with four others and merged the five banks into the Consolidated Bank Ghana.

The four other banks are Beige Capital, Unibank, Royal Bank and Construction Bank.

There have been calls for the Directors of the failed banks to be prosecuted.

In the wake of the controversy, there have been media reports suggesting Dr Kwame Acheampong-Kyei was engaged in some underhand dealings which have led to the collapse of the bank.

One of the media reports came with the headline “Board Chairman for BOST must be sacked immediately for committing fraud.”

Dr Kwame Acheampong-Kyei feels scandalized by the reports.

“We deem the publications and circulation as mere fabrication, albeit provocative aimed at tarnishing the hard-earned reputation of Dr Kwame Acheampong-Kyei,” lawyers for the BOST board chair said in a statement.