Supreme Court awards cost against UNICOF

The Supreme Court on Tuesday admonished the Union of Commerce, Industry and Finance workers (UNICOF) never to file any case in the court regarding the Initial Public Offer (IPO) of the adb.

The court also awarded cost of GH? 10,000.00 against UNICOF, out of which the Adb will keep GH? 5,000.00 and the Attorney General’s Department, retain GH? 5,000.00.

These decisions were taken against UNICOF by court when the union withdrew a case it filed against the Adb over the sale of the bank’s shares on the Ghana Stock Exchange (GSE).

The Adb had to put the IPO on hold last July following UNICOF’s suit. But the bank said it would resume immediately the IPO process following the ruling.

UNICOF, with a lack of explanation withdrew the case it filed against the bank at the Supreme Court on Tuesday, August 18.

The union hauled the Adb to the Supreme Court early this month barely 24 hours after an Accra high court threw out their earlier case against the bank seeking to place an injunction on the IPO.

The suit filed by UNICOF sought an order of interlocutory injunction to restrain the Adb, their agents, assigns, proxies and or contractors from proceeding with continuing, or resuming the sale of the shares of the bank pending final determination of the suit filed at the court.

The motion for an order of interlocutory injunction had ADB as the 1st defendant and the Attorney General and Minister of Justice as the 2nd defendant.

According to UNICOF, the Adb failed to follow due process in preparing a prospectus to list on the GSE and sell more than 74 million existing shares with plans to issue more than 75 million additional shares.

UNICOF also accused the Adb’s management of perpetuating an illegality by signing two memoranda of understanding with two foreign companies for the allotment of a number of shares to those companies.

The Union said the two agreements signed by the Adb and the Norwegian Fund for Developing Countries to offer them 15 per cent of the shares and Atlas Mara having acquired 25 per cent did not receive Parliamentary approval as an international transaction.

UNICOF also wanted the Supreme Court to declare as unconstitutional moves by ADB to list on the bourse and sell 40 per cent of the company to foreign companies.

It also wanted ADB to be restrained from going on with the IPO till the court case was concluded.