Private legal practitioner Kwame Boafo Akufo has challenged the financial basis on which uniBank was collapsed, describing the figures presented by authorities as inaccurate, unaudited, and legally problematic.
His remarks follow the Attorney-General’s decision on July 22 to file a nolle prosequi in the case involving former Finance Minister Dr. Kwabena Duffuor and seven others.
The accused had faced charges relating to the 2018 collapse of uniBank, including theft and money laundering.
The case, ‘The Republic v. Kwabena Duffuor & 7 Others (CR/0248/2020)”, formed part of Ghana’s high-profile financial sector clean-up exercise.
However, the AG’s office, through Deputy AG Dr. Justice Srem-Sai, announced it was discontinuing the case due to what it described as “significant recoveries” of state funds—reportedly reaching a 60% recovery threshold.
In an interview on Morning Starr with Naa Dedei Tettey on Thursday, July 31, Mr. Akufo questioned the integrity of the figures used to justify uniBank’s revocation, particularly the alleged GHS 5.3 billion liability attributed to shareholders and related parties.
“That figure was never validated,” Akufo said. “As a matter of fact right from the outset the receiver was clear on it on issuing a key be up to the effect that the figure of 5.7 billion was not a validated figure neither have you been audited in accordance with international standards, so that figure is not a statement of fact it was a notion which was put out there.”
He argued that over time, the alleged liability was reduced through court proceedings and reconciliation exercises—from GHS 5.7 billion to GHS 2.8 billion, and further to GHS 2 billion.
Of that amount, he explained, GHS 824 million related to properties held in trust for the bank, and GHS 1.2 billion was owed by third-party debtors.
He also noted that the government owed uniBank GHS 2.9 billion in the form of Treasury bills, interest payments, and ESLA bond arrears.
“at the heart of this dispute is a miscalculation and misdistribution of liability which was based on inaccurate figures,” he asserted.
Meanwhile, the Minority in Parliament has criticized the Attorney-General’s decision to drop the charges, demanding a detailed explanation and threatening possible legal action.
They argue the discontinuation undermines accountability for the financial crisis that led to the collapse of several banks and cost taxpayers billions of cedis.
Source: Starrfm.com.gh
