Delay in convicting directors of failed banks hurting financial market – Joe Jackson

A financial analyst Joe Jackson has indicated that the investors have lost confidence in the financial sector because the imprudent executives of closed down banks hasn’t been prosecuted.

He told Alfred Ocansey on the Sunrise show on 3 92.7FM Wednesday October 14 that all the executives of these collapsed banks whose actions and inaction led to the banks’ failures should be prosecuted.

Already, some of the directors of the collapsed banks including William Ato Esien and Michael Henaku of the Capital and Beige banks, respectively, have been arraigned following their alleged involvement in the issues that led to the crisis.

Similarly, Prince Kofi Amoabeng, the Director of the defunct UT Bank and also the Founder of the defunct Unibank, Dr Kwabena Duffuor have also been charged.

Some former officials of the Bank of Ghana (BoG) including Dr Johnson Asiama have also been charged.

Mr Joe Jackson who is the Chief Operations Officer at Dalex Finance said “How can we induce confidence in the investor when the signal we are giving out is that someone does wrong and gets away with it. That we haven’t seen any conviction yet is sad.”

He added “the public confidence is low because they look around and see other officials walking around. Where is the state that is supposed to keep them in check?”

He further expressed concerns over the slow pace of the prosecution of the directors who are currently standing trials.

“Justice delayed is justice denied, this thing has been going on for four years and where are the convictions?

“It is really bad to those of us who operating in the market. Because it says that, if I misbehave, if I am reckless, if I am fraudulent, there will be no punishment and I will get away with it. When you are not convicting them, you are doing the market harm, you are doing the customers harm in terms of confidence and those who are in the business trying to do good and that doesn’t make sense, he added