Audio By Carbonatix
Fidelity Bank has refuted allegation of seizing funds amounting to US$25 million from the Minerals Income Investment Fund (MIIF).
A statement issued by the bank on its social media page explained that “the bank facilitated a pre-settlement of a forex transaction expecting the MIIF to fulfill its obligations within the agreed timelines".
“However, MIIF experienced delays in settling their portion of the transaction in forex. Subsequently, MIIF took the necessary measures to address the overdue amount and fulfill their commitments under the agreement”, the statement said.
Background
Earlier reports suggested that in 2024, the MIIF operating under the Ministry of Finance, underwrote an overdraft facility for a company, Goldridge Limited, through Fidelity Bank.
However, the company defaulted on repayment, leading to the seizure of the $25 million belonging to MIIF in November 2024.
Latest Stories
-
Dad unlawfully killed daughter in Texas shooting, coroner rules
33 minutes -
Anas wins 7 – 0 as SC unanimously rejects attempts to reverse judgment in his favour
44 minutes -
The cocoa conundrum: Why Ghana’s farmers are poor despite making the world’s best chocolate
2 hours -
Powerful cyclone kills at least 31 as it tears through Madagascar port
2 hours -
GoldBod summons 6 gold service providers over compliance exercise
3 hours -
Power disruption expected in parts of Accra West as ECG conducts maintenance
3 hours -
Police investigate alleged arson attack at Alpha Hour Church
3 hours -
Heavy Sunday downpour wrecks Denyaseman SHS, schools, communities in Bekwai Municipality
3 hours -
Ridge Hospital is in critical condition – GMTF Boss appeals to corporate Ghana
4 hours -
Introduce long term measures to tackle challenges in cocoa sector – IERPP to government
4 hours -
Agricultural Economist proposes blended financing model to support cocoa sector
4 hours -
NPP MP warns against reducing producer price as government rolls out cocoa reforms
5 hours -
Tano North MP urges halt to grain exports over food glut
5 hours -
Farmers hopeful as government moves to expedite cocoa payments
5 hours -
Tensions at Agbogbloshie market women oppose AMA drain cleaning exercise, items confiscated
5 hours