KPMG, the official administrator of uniBank, has presented its report to the Bank of Ghana.
Central Bank governor, Dr. Ernest Addison told the media at a press briefing, after the MPC quarterly meeting that the bank is studying the report after which a decision on the future of uniBank will be made.
“Let me say that we have received the 90-day report from the administrator and we are looking at it and trying to study the report,” Dr. Addison said.
The governor, however, acknowledged knowledge of a report from shareholders of uniBank assuring the central bank of its ability to recapitalize the bank with recognition of a letter from the KPMG stating the total deficit of uniBank at GH₵ 4.9 billion.
Three Options
The three options are entitled ‘Good banks/Bad banks’, ‘Recapitalization by existing shareholders with or without new shareholders’, and ‘Recapitalization by new shareholders’.
The BoG, effective March 20 this year, appointed KPMG as OA of uniBank to assume managerial control of the bank.
The powers, functions and responsibilities of the shareholders, directors and key management were effectively suspended with the appointment of the OA.
Prior to the shareholders forwarding this document to the OA, KPMG informed the existing shareholders that there existed a gap of GH₵4.9 billion required to address both insolvency and liquidity challenges of the bank.
On July 12 2018, Dr Duffuor who is the former Minister of Finance, former Governor of the Bank of Ghana and a shareholder of uniBank, signed a letter to KPMG expressing his and the shareholders’ commitment to recapitalize uniBank.
Evidence of payment ability
The shareholders provided evidence of the payment of the first tranche of USD$200 million. He also indicated that “shareholders remain committed to injecting another tranche of GH₵1 billion by the end of September,” this year.
In the letter, Dr Duffuor also mentioned that uniBank “retains beneficial ownership of the assets registered in the name of the HODA Properties”.
He said the assets “totaling GH₵4.4 billion, shall be warehoused in a trust to be held for the bank and appropriately leveraged to raise and inject funding into the bank.”
The shareholders also indicated their commitment to provide funds amounting to GH₵2.7 billion and assets worth GH₵4.4 billion totaling GH₵7.1 billion, far above the GH₵4.9 billion gap indicated by KPMG.
Source: Ghana/Starrfmonline.com/103.5FM/Osei Owusu Amankwaah
