Tension grips UT, Capital bank workers
- Advertisement -

The fate of the 990 workers of the defunct UT and Capital banks remains uncertain as some of the staff are likely to go home a month after the Bank of Ghana (BoG) revoked the licenses of these two institutions.

The GCB Bank, after the takeover, indicated it was going to undertake a re-organisation exercise which could maintain some workers from the two banks and also do away with the services of those they may not require.

Following this, there has been an issuance of termination letters to the workers by PricewaterhouseCoopers, Receiver of GCB Bank, which took over the assets and liabilities of the two banks.

- advertisement -

According to the Receiver, a process to issue new appointment letters to some of the workers for them to be maintained by the new management, is also underway.

Checks by ADR Daily indicate that the issuance of these termination letters to some workers already on Tuesday has increased the uncertainty amongother workers.

According to a reliable source, management of GCB would pay salary arrears, wages, leave pay, severance pay, and other entitlement due them per the provisions of the Labour Act, 2003 (Act 651) and the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930).

Some of the workers would be re-employed, but on a six months’ probation pending the completion of their contract review, our source disclosed.

After the six month probation, some of the workers would be maintained, while others would be asked to go home.

A statement from the Central bank said, “The Bank of Ghana has approved a purchase and assumption transaction with GCB Bank Limited which transfers all deposits and selected assets of UT Bank Limited and Capital Bank Limited to GCB Bank Limited.

In addition, “The remaining assets and liabilities will be realised and settled respectively through a receivership process to be undertaken by Messer’sVishAshiagbor and Eric Nana Nipah of PricewaterhouseCoopers.”

By Francis Tandoh/adrdaily.com

Previous articleHigh utility bills killing hotels
Next articleThe effect of industrial disputes on a nation’s economy
ADR Daily is a specialized news portal with a focus on providing authentic news, information and research analysis on Appropriate Dispute Resolution (ADR), Human Resource Management (HRM) and Industrial Relations Management (IRM) in Ghana and beyond. This platform serves as an information resource base for the progress of the ADR, HRM and IRM industries, and seeks to promote professionalism in ADR practice by supporting a network of ADR professionals within and across nations and continents. ADR Daily keenly encourages the mass adoption of ADR mechanisms, particularly negotiation, mediation and arbitration for the resolution of disputes in all spheres, through the publication of industry news and information, as well as by deploying innovative awareness creation engagements.