Court Throws Out ADB’s IPO Motion

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Citi Business News has gathered 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). –

The Industry of Commerce and Finance Workers (UNICOF) 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).

Today’s hearing will see the commission rule on the matter after the NLC had ordered Standard Chartered Bank to halt moves to lay off the workers of the bank on their redundancy list.

But Citi Business News can also report that the commercial division of an Accra High Court will also hear the application for interlocutory injunction brought before it by UNICOF seeking to halt the redundancy plans of Standard Charted until the review application before the National Labour Commission is heard and ruled on today.

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