Source: citifmonline.com
The Union of Industry Commerce and Finance (UNICOF) has filed a suit at the Supreme Court challenging the commencement of the Agricultural Development Bank's (ADB) Initial Public Offer (IPO), describing it as illegal.
UNICOF is seeking: a declaration that the agreement signed by ADB with Atlas Mara Limited and the Norwegian Investment Fund for Developing Countries for the sale of 25% and 15% respectively of ADB shares without parliamentary approval is unconstitutional and in violation of Article 181, Clause 1 of the 1992 Constitution.
UNICOF is also seeking a declaration that approval given to ADB to trade on the Ghana Stock Exchange without confirming parliamentary approval undermines the constitutional mandate of Parliament as enshrined in Article 181 and Section 19 of Act 286.