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16.10.2007 Business & Finance

Tano Rural Bank Liquidated

By Daily Guide

The Bank of Ghana (BoG) has with immediate effect revoked the banking licence of Tano Rural Bank Limited in the Brong Ahafo Region.

The central bank says the revocation has become necessary following the failure of the rural bank to raise the required capital or make satisfactory arrangements for recapitalizing the bank in accordance with directives on the moratorium issued to it on June 26, 2007.

The BoG therefore cautioned non-bank financial institutions and the general public not to do any business with the Tano Rural Bank.

“All banks, non-bank financial institutions and the general public are to take note of the above and be guided accordingly,” BoG said.

The central bank also advised all depositors and creditors of the rural bank to refer all their claims on Tano Rural Bank to Asamoah Gyabaah &Co., an accounting firm in Sunyani, who are the liquidators of the bank.

Similarly, all debtors to the Tano Rural Bank are to contact the liquidators for settlement of any debts due the bank.

It would be recalled that the Board of Directors of the Tano Rural Bank, resigned following what was believed to be a large-scale embezzlement of funds running into billions of cedis, by some officials and staff of the bank, with the connivance of some board members.

The amount, yet to be determined, was allegedly shared by the culprits to acquire personal property, including houses and vehicles.

George Amoah, Supervising Manager of the bank, who is also the Krontihene of Ntotroso, has been interdicted alongside a number of staff from the bank's five agencies at Sunyani, Gambia Number Two, Bediako, Kenyasi and Hwidiem.

Their interdiction followed a recommendation by the Apex Bank after uncovering the fraudulent acts.

By Felix Dela Klutse