Mar 2015 Financial News

Republic Bank Limited – Cleared of Insider Trading

Mar 10, 2015

NOTICE PURSUANT TO SECTION 64(1)(B) of the Securities Act 2012

Republic Bank Limited is pleased to advise that the long outstanding claims of insider trading and breaches of SEC procedures by various shareholders of HFC Bank has been brought to conclusion.

The Ghana Securities & Exchange Commission has found that the facts did not support any breach of insider trading provisions by Republic Bank Limited.

However in respect of the issue of breaches of the Takeover Code, Republic Bank Limited has agreed to make a payment of 1,000,000 Ghanaian Cedis (US$285,000). Ghana Securities & Exchange Commission found that the breach was unintended due to the lack of clarity caused by the decisions of the Bank of Ghana and the Ghana Securities & Exchange Commission.

We hope that this brings a conclusion to all litigation, so we may proceed with the Mandatory Takeover process as required by the Ghana Takeover Code, which will give the shareholders HFC Bank the opportunity to make a decision on their shares and the future direction of the company.

Republic Bank Limited affirms that all its actions have been based on our understanding of the rules and regulations of the regulatory bodies.

Jacqueline Quamina
Corporate Secretary/Group General Counsel
10th March 2015

Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday March 10, 2015