An Accra High Court has thrown out an application by two shareholders of HFC Bank seeking to stop an Extra Ordinary General Meeting requested by SSNIT.

The court presided over by Justice John Ajet Nasam dismissed the application on the grounds that the lawyer who filed the suit had no valid lawyers Annual License to practice. 

The court had on 19th of January ordered that the EGM be adjourned pending the outcome of the application for injunction, but based on its ruling today, the court directed the company secretary of HFC to fix the AGM for January 27.

The two shareholders filed the application after SSNIT requested for an Extra- Ordinary General Meeting seeking to remove some three directors on the board, including its board chair, Muriel Edusei, one Francis Koranteng , who is a director,  and Charles Ofori-Acquach.

SSNIT has argued that it wanted to do this because some the board members have not acted in the best interest of shareholders.

Speaking to Joy Business after the ruling, General Manager and General Counsel for SSNIT Peter Hayibor said SSNIT will go ahead with its request for the removal of the three directors at HFC.

Robert Le-Hunte, Managing Director of Republic Bank for Africa, a majority shareholder of HFC Bank, told Joy News his company is also happy with the ruling and will also go ahead with the process to ask other shareholders to sell their shares to them.