Business News of 2014-03-21

Termination of former Merchant Bank boss unlawful

A Fast Track High Court on Thursday declared that the termination of the appointment of Mr Blaise Mankwah, a former Managing Director of Merchant Bank was wrong and unlawful.
The court presided over by Mr Justice Mustapha Habib Logoh has therefore awarded GH100,000.00 damages against Merchant Bank. It further ordered Merchant Bank to pay Mr. Mankwahs entire terminal benefits due him.
The court however ordered Mr Mankwah to pay an amount of GH86,463.99 being cost of the bank’s corporate assets in his possession or custody.
According to the court, Mr Mankwah's entitlement should also be commuted into cash and ordered the bank to pay GH5,000.00 as administrative cost.
The relief of damages put in by Mr Mankwah's counsels was however denied by the court. The Court has however fixed March 26 to give reasons in respect of the judgment.
Mr Blaise Mankwah, and two others had their appointment terminated by the bank for allegedly granting some loans without conducting any due diligence.
Source: GNA
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