By Lisa Vives, Global Information Network
NEW YORK | ACCRA (IDN) – Depositors may want to steer clear of banking in Ghana while over a dozen bank officers and shareholders face claims they lent themselves millions of dollars but failed to repay.
Business Ghana, a local news outlet, reported that 13 shareholders and directors of the defunct Capital Bank Ghana Limited and UT Bank engaged in acts that led to the collapse of the two banks.
By their alleged actions, the defendants “have breached their fiduciary duties under the Companies Code and have caused serious financial loss to the banks,” say receivers for the defunct banks.