COURT SETS DATE FOR RULING ON THINKGHANA-VRS.-SEC
We are pleased to announce that the High Court, Fast Track Division, will finally have an opportunity on Thursday, December 7, 2006 to adjudicate in respect of the application for an order of mandamus brought against the Securities and Exchange Commission (SEC) for refusing to apply Ghana’s securities laws to alleged breaches by Guinness Ghana Breweries Limited (GGBL) before, during and after the acquisition of Ghana Breweries Limited (GBL) through the Ghana Stock Exchange (GSE) in December 2004.
Final submissions were made by the lawyers for both ThinkGhana (Kwaku Osafo-Buabeng Esq.) and the SEC (Abena Bonsu Esq.) at the High Court today. ThinkGhana was represented at the hearing by Messrs. Joe Aboagye Debrah, Vincent Aikins and Kojo Larbi, who are all directors.
ThinkGhana’s court action has been necessitated by the continuing disregard for Ghana’s securities laws by the regulators and the impunity with which breaches of Ghana’s securities laws have been condoned by the authorities till date. Fortunately, Ghana’s Constitution and the securities laws give us an opportunity to seek the intervention of the law in a matter that is sure to set a precedent in issues relating to mergers and acquisitions activities in Ghana. The process also gives an opportunity to further clarify the issues regarding the demand for an investigation into the acquisition of GBL by Guinness Ghana and to make a case for good corporate governance in Ghana, which we believe, is equally as critical to Ghana’s socio-economic development as the present-day clarion call for good governance in our body-politic.
The application was therefore filed in view of our absolute belief in the rule of law in Ghana. Our dear nation Ghana can only be better if all Ghanaians nurture a desire to make our laws work, irrespective of personalities.
Ghana Deserves Better!
P/S: The processes filed on behalf of ThinkGhana in relation to the matter can be found on this web-blog.
Final submissions were made by the lawyers for both ThinkGhana (Kwaku Osafo-Buabeng Esq.) and the SEC (Abena Bonsu Esq.) at the High Court today. ThinkGhana was represented at the hearing by Messrs. Joe Aboagye Debrah, Vincent Aikins and Kojo Larbi, who are all directors.
ThinkGhana’s court action has been necessitated by the continuing disregard for Ghana’s securities laws by the regulators and the impunity with which breaches of Ghana’s securities laws have been condoned by the authorities till date. Fortunately, Ghana’s Constitution and the securities laws give us an opportunity to seek the intervention of the law in a matter that is sure to set a precedent in issues relating to mergers and acquisitions activities in Ghana. The process also gives an opportunity to further clarify the issues regarding the demand for an investigation into the acquisition of GBL by Guinness Ghana and to make a case for good corporate governance in Ghana, which we believe, is equally as critical to Ghana’s socio-economic development as the present-day clarion call for good governance in our body-politic.
The application was therefore filed in view of our absolute belief in the rule of law in Ghana. Our dear nation Ghana can only be better if all Ghanaians nurture a desire to make our laws work, irrespective of personalities.
Ghana Deserves Better!
P/S: The processes filed on behalf of ThinkGhana in relation to the matter can be found on this web-blog.
posted by JOEDEE at 6:10 AM
0 comments
