BoG’s action has not affected our operations – SIC


Management of SIC Financial Services Limited (SIC-FSL) says the recent corrective measures taken by the central bank have not affected the firm's operations.

“We wish to inform you our cherished customers and the general public that we have ourselves investigated the circumstances leading to the transaction mentioned in the said release and addressed same,” SIC said in a statement.

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The statement signed by the Board Chairman, John Evans Totoe assured “clients that the issues raised with regards to this transaction and subsequent corrective measures taken by the Central bank have not and do not in any way adversely impact the operations and sustainability of our business.”

SIC added that it “takes the fiduciary duty to its clients and shareholders very seriously and shall continue to serve its clients in the most professional and ethical manner.

The Bank of Ghana on Monday annulled the acquisition of shares of Agriculture Development Bank held by Belstar Capital, Starmount Development company Ltd, SIC Financial Services Ltd and EDC Investments Ltd.

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“The Bank of Ghana considers that Belstar and Starmount are not fit and proper persons and cannot permit them to continue to hold shares acquired directly or indirectly in ADB,” a statement from the BoG said.