ARB APEX Bank has refused to renew the contract of its MD, Kojo Aye Kusi following allegations of mismanagement levelled against him and the board chairman, James Kwame Otieku.

A statement signed by the Head of Financial stability at the Bank of Ghana (BoG), Francis Blankson in 2016, directed Kojo Aye Kusi to proceed on a compulsory leave pending investigations into the allegations.

In an exclusive interview with GhanaWeb, Head of Communication Department, Bernard Ato Otabil stated that Apex ARB resolved not to renew the MD’s contract which expired in December last year, adding that the BoG will soon conclude their investigation on the issue.

History

The Union of Commerce and Finance Workers (UNICOF) in a letter last year charged the BoG and other regulatory bodies to speed up investigations into the issues it has raised against the Mr Kusi.

They alleged that the Managing Director is engaged in some unprofessional activities with the support of the Board Chairman.

UNICOF also directed their members across all the bank’s branches to wear red armbands over the continuing presence of Mr Kusi, despite allegations of him engaging in some unprofessional activities which have affected the Bank’s fortunes.

According to UNICOF, the Bank as at last year was running at a loss of over GH¢7million, adding that when preparing the budget for the next year, the MD and the Board had a GHS10million estimate without justifying it.