The receivers of Capital Bank want the High Court to order the payments of GHc109.4 million plus the accrued interest.
The collapsed Capital Bank has filed a suit against CDH Financial Holding and CDH Savings and Loans to recover over GHc100 million owed it.
The receivers of Capital Bank want the High Court to order the payments of GHc109.4 million plus the accrued interest.
It is also asking the court to order the Bank of Ghana (BoG) to revoke the licenses of CDH Financial Holding and CDH Savings and Loans for their inability to pay back investment on maturity dates.
This is because Capital Bank is blaming its collapse partially on the purported indebtedness of the two CDH firms.
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But in an interview with Accra-based Citi FM, the Managing Director of CDH Investment Holdings, Emmanuel Adu-Sarkodie, said “the accusation is absolutely false… it may be an example of what you call fake news.”
“When we meet in court next week, they would have to show the court where they came up with such a number,” he added.
He clarified that only CDH Financial Holdings owed Capital Bank.
“CDH savings and loans does not owe Capital Bank any money. It is Capital Bank that owes CDH Savings and Loans… Then you have CDH Financial Holdings, which owes money to Capital Bank.”
He added that his firm has been in meetings with the receiver of Capital Bank where it was acknowledged that CDH Savings and Loans were owed.
In the meeting, it was established that the money that CDH Financial Holdings owed was in accounts with Premium Bank and would be settled.
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“We told them that the money was not with us. The money was actually with Premium Bank, which was to the tune of GHc92 million.”
In the meeting, it was agreed that “Premium Bank was going to pay the money and the money was going to come soon.”
PwC stated in the suit that an amount of GHc51 million and US$8 million respectively, were invested into UT holdings before UT bank collapsed.
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PwC is, therefore, asking the court to order both companies to refund the money with the accrued interest.
UT Bank is among seven local banks that have collapsed in the country in the last 12 months, after becoming highly insolvent.
UT Bank and Capital bank were the first companies that collapsed and were taken over by the GCB bank in 2017 after receiving the green light from the central bank, the Bank of Ghana.