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UniBank shareholders criticize KPMG, Ghana central bank over report

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UniBank shareholders criticize KPMG, Ghana central bank over report

Shareholders of UniBank (Ghana) Ltd. criticized KPMG and the Bank of Ghana for allegedly withholding a report that had evaluated the financial health of the now-defunct bank.

In a letter published by JoyBusiness on Aug. 20, uniBank shareholders said it was "unacceptable" for the Bank of Ghana, the country's central bank, and KPMG to deny them access to the report.

The Bank of Ghana revoked the banking licences of uniBank and four other banks on Aug. 1, citing "a significant build-up of vulnerabilities in the sector," Joy Business reported.

The shareholders had requested a copy of the KPMG's report on Aug. 3, a request that was denied by the Bank of Ghana 10 days later. No reason was provided for the refusal, according to the shareholders.

The central bank then appointed KPMG as receiver of the assets and liabilities of the five banks: UniBank, Royal Bank Ltd., Beige Bank Ltd., Sovereign Bank Ltd. and Construction Bank Ltd.

The shareholders claimed KPMG sought "to benefit from the report that it provided to the Bank of Ghana."