Court Throws Out HFC Bank’s EGM Case

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An Accra high court on February 9, 2015, threw out the case in which a shareholder of HFC Bank filed a stay of execution to suspend the Extraordinary General Meeting (EGM) of the bank.

The court also ordered that the much anticipated Extraordinary General Meeting be held on February 17, 2015.

In addition the court also awarded 10,000 to the defendants of the case which is SSNIT and Republic bank.

The court battle between HFC and Republic Bank of Trinidad and Tobago and the Social Security and National Insurance Trust (SSNIT) over the holding of the Extraordinary General Meeting started this year after SSNIT called the meeting.

The EGM was requisitioned by the Social Security and National Insurance Trust to cause the removal and replacement of two non-executive independent directors, Muriel Edusei and Francis Koranteng from the HFC Bank Board.

The meeting which was initially scheduled for January 20, 2015, was suspended following a suit by 2 shareholders challenging the organization of the meeting.

The court, however, dismissed the application by the two shareholders of HFC Bank seeking to stop the EGM.

Subsequently another shareholder of HFC Bank also filed a stay of execution to suspend the EGM which led to today’s ruling.

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