The Supreme Court of Ghana has upheld the dismissal of former Universal Merchant Bank (UMB) Managing Director, Peter Illiasu, over unauthorised financial and credit transactions.
The ruling, delivered on January 22, 2025, affirms the bank’s 2010 decision to terminate his contract.
The five-member panel, led by Chief Justice Sackey Torkornoo, ruled unanimously in favour of UMB, citing serious breaches of banking regulations.
The former MD was found to have approved multi-million-dollar loan facilities beyond the bank’s statutory lending limits, violating both internal policies and board-approved credit limits.
Additionally, Mr. Illiasu was found guilty of wrongly authorising a GHS349,593.75 payment from Volta River Authority’s (VRA) account to Abi Capital without VRA’s consent. The payment, purportedly for brokerage and due diligence services, was ruled unauthorised and invalid by the court.
The Supreme Court ruled that the loss incurred by the bank should be recovered from both Mr. Illiasu and Abi Capital, jointly and severally. They have been ordered to refund GHS349,593.75 with interest at the bank’s lending rate from April 21, 2010, until full payment.
Read the full judgement below:
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The post Supreme Court upholds UMB’s dismissal of former MD over unauthorised transactions first appeared on 3News.
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