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BoG Directs MD of ARB Apex Bank To Proceed On Leave

The Bank of Ghana [BoG], has directed the Managing Director of ARB Apex Bank, Kwadwo Aye Kusi, to proceed on leave effective today, November 28, 2016.

It follows investigations into allegations of bad corporate governance and financial malfeasance levelled against him.

A letter from the central bank and addressed to the Board Chairman of ARB Apex Bank stated, “For unfettered access to documents and information, it is required that the subject of investigations (Managing Director) stays out of office.”

It added, “The Managing Director is therefore directed to proceed on his outstanding leave, with effect from Monday, 28th November 2016, until investigations are concluded.”

The workers’ union of ARB Apex Bank, has lodged a complaint with the Bank of Ghana with another staff petitioning the central bank over issues of bad corporate governance, disregard of the bank’s policies and financial malfeasance which could affect the operations of the bank.

The Bank of Ghana says it has tasked the Financial Stability Department to conduct investigations into the allegations.

According to the BoG, the investigations are expected to last for two weeks; from November 21, 2016 to December 2, 2016.

‘The team may need to call randomly on Directors, Management and staff of ARB Apex Bank to clarify issues,’ the letter to the Board Chair further stated.

Last week, workers of ARB Apex Bank across the country, wore red wrist and arm bands for two days as part of protests against the allegations levelled against the MD and Board Chair.

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(Via: CitiFM Online Ghana)

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