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
-
Salah-Mane rivalry renewed in AFCON semi-finals
2 hours -
What does Trump’s foreign policy mean for World Cup?
2 hours -
Carrick confirmed as Man Utd caretaker head coach
2 hours -
CPS & JoyNews to hold public lecture on Ghana’s move to back currency with gold
3 hours -
Africa Education Watch supports calls for review of SHS teachers’ manual, curricula over gender controversy
3 hours -
Ntim Fordjour demands review of SHS teachers’ manual over gender controversy
3 hours -
GCB Bank hands over renovated dormitory to TAMASCO
3 hours -
Nkyinkyim Band to headline Ghana Independence celebration in London
3 hours -
NPP leadership has lost touch with grassroot – Dr Nyaho-Tamekloe
3 hours -
IGP’s Team nabs drug suspects in Tamale swoop; seizes cash, narcotics
3 hours -
NaCCA revises teacher manual, withdraws ‘gender definition’ content deemed contrary to Ghanaian values
4 hours -
Ntim Fordjour condemns gov’t over gender definition in curriculum
4 hours -
NPP must develop thick skin for criticism – Dr Asah-Asante
4 hours -
Auditor-General raises alarm over 2,000+ weapon interceptions at airports
5 hours -
Motorists lament years of faulty traffic lights at Poku Transport Junction
5 hours