Accra, September 1, 2017//-Management of GCB Bank Limited has terminated the appointment of about 1000 workers of the now collapsed UT Bank Limited following liquidity challenges last month.
The licenses of UT Bank and Capital Bank were revoked by the Bank of Ghana (BoG) on August 14, and quickly approved a purchase and assumption transaction with GCB Bank Limited.
The regular also transferred all deposits and selected assets of both banks to the GCB Bank Ltd.
The BoG said: “The remaining assets and liabilities will be realized and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers.”
But a letter dated August 31, 2017 to employees of UT Bank by a Receiver, Vish Ashiagbor, terminated their contracts on behalf of UT Bnak.
It stated: “We write to explain how the receivership affects you. Your contract of employment with UT has been terminated as a result of the receivership effective August 14, 2017″.
“Any claim you have against UT such as arrears of salaries, wages, leave, severance pay and other entitlement will be dealt with in accordance with the provisions of the Labour Act , 2003 (Act 651) and the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930)”.
Read the letter below
African Eye Report
