HFC To Comply With Court Order On EGM

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HFC bank has affirmed it will hold its much anticipated Extraordinary General Meeting on February 17, 2015.

The move follows a ruling by an Accra high court on February 9, 2015 that the EGM be held on February 17,2015 after it 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.

letter from the bank to its shareholders said the EGM will be held at the Christ the King Parish Hall at eleven o’clock on February 17,2015.

The agenda for the EGM according to the bank is the removal of three directors Charles Ofori – Acquah, Muriel Edusei and Francis Koranteng with immediate effect.
The EGM is also to elect three directors Ebenezer Tetteh Tagoe, Paul King Aryene and Victoria Emeafa Hardcastle.

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 the February 9, 2015 ruling.

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