Source: myjoyonline.com
The Union of Industry, Commerce and Finance Workers (UNICOF) is confident that hearing of its court cases against ADB's Initial Public Offering (IPO) would begin before the share sale ends.
The union has filed a suit at the High Court seeking an injunction on the IPO and another suit at the Supreme Court challenging the legality of the management's decision to proceed without parliamentary approval.
The lawyer for UNICOF, Charles Bawaduah, outlined: "The bank has signed two agreements with Atlas Mara Ltd. and the Norwegian Fund for Developing Countries, giving away 25% and 15% of shares respectively. This is an international agreement that ought to have come before Parliament of Ghana for approval."
He added: "As a union, we have been certified by the chief labour officer per the Labour Act of 2003 to negotiate matters affecting our members — so management cannot unilaterally decide to launch the IPO without dealing with the issues we have raised."