ADB Suspends Annual General Meeting

The Agricultural Development Bank (ADB) has indefinitely postponed its 2018 Annual General Meeting.

This follows reports that some of its shares being held by four investors in the bank were obtained through questionable means.

In a statement issued yesterday, the bank assured its customers that “the decision of the Bank of Ghana does not affect our business operations as all our 78 branches are opened for business from 8:00 – 5:00 pm.”

It would be recalled that BOG on Monday, July 16 declared as invalid, the over 50% shares of Belstar, Starmount, SIC-FSL and EDC in ADB.

This, according to BOG, was because the entities acquired the shares in 2016 without recourse to the country’s banking laws.

The Central bank further ordered that all directors appointed by the four entities to the ADB Board, cease holding themselves out as directors of the bank with immediate effect.

The move by BOG made it necessary for ADB to postpone its Annual General Meeting.

The bank has however assured that a new date for the meeting would be communicated later.

ADB was expected to seek approval from its shareholders at the AGM to raise about 310 million cedis to meet the new minimum capital requirement set by the Bank of Ghana for all commercial banks in the country.

By: Emmanuel Yeboah Britwum