Business News of Saturday, 1 May 2021Source: www.ghanaweb.comManagement of Stanbic Bank Ghana have, by an Accra High Court injunction, been restrained from holding their 22nd Annual General Meeting. The granting of the injunction comes at the back of a suit filed by Union Mortgage Bank Limited and a Real Property Consultant, Kwame Charles Serbeh-Yiadom, challenging the incorporation of Stanbic Bank Ghana Limited in accordance with the Companies Act, 1963 (Act 179). He states that SBIC Africa Holdings have failed, refused or neglected to acquire 75.1% of the share capital of UMB Limited as specified in the agreement. Again, the plaintiffs want a declaration that Stanbic Bank Ghana Limited was originally registered as Union Mortgage Bank Limited on March 8, 1994, and that the change of name into Stanbic Bank Ghana Limited was procured by fraud. Stanbic Bank Ghana Limited has reportedly entered a conditional appearance in the substantive matter for which when the plaintiff received an invitation to the Annual General Meeting, he filed an ex parte application to stop it from coming off.
