The Labour Court has set August 6 to rule on the application filed by the Union of Industry, Commerce and Finance, UNICOF, to stop ADB from resuming the sale of shares in its Initial Public Offering.

Advancing their arguments in court today, UNICOF said that they have the collective bargaining agreement and should therefore haven the right to negotiate the quantum of shares to be sold, as well as the modalities and distribution of shares of workers of ADB.

According to UNICOF, the refusal of the bank to go into such a negotiation with them is a breach of their right.

ADB in response argued that the allotment of shares is not a matter to be negotiated with the union.

It said the application was unnecessary and intended to delay the Initial Public Offering.

Presiding judge Gifty Agyei Addo subsequently fixed her ruling on 6th August.

Tags: