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Former Ghana finance minister named in uniBank lawsuit

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Former Ghana finance minister named in uniBank lawsuit

A former finance minister of Ghana is among 13 parties facing a lawsuit over funds that went missing from uniBank (Ghana) Ltd. during their terms as shareholders and directors of the bank, Bloomberg News reported.

The Bank of Ghana placed uniBank under administration in March after it suffered liquidity shortfalls and "consistently breached its cash reserve requirement."

KPMG, the bank's receiver, has asked the the country's high court to deem loans, advances and asset purchases made by certain shareholders and "their related interests" as unlawful, according to a copy of the summons.

One of the parties named in the suit, Kwabena Duffuor, founded uniBank in 2001, after serving as governor of the Ghanaian central bank for four years. He was finance minister from 2009 to 2012.

He and the other accused have pledged to repay the money, Nii Amanor Dodoo, a partner at KPMG in Accra, told Bloomberg.

As of Sept. 6, US$1 was equivalent to 4.74 Ghanaian cedis.