HFC Bank has finally confirmed that an Extra  Ordinary General Meeting  will be held on February 17, 2015 to remove three directors from its board.

 The decision by the bank follows a ruling Monday by an Accra High Court which threw out an application by one shareholder seeking to stop the meeting.

The court also ordered the bank to fix  February 17 as the new date for the meeting.

According to the a circular issued today February 10  by HFC bank to its shareholders, the meeting as requested by SSNIT-- the majority shareholder --  will be seeking approval to remove current Chair of  the HFC bank board, Muriel Edusei  with immediate effect  and two other directors -- Charles Ofori Acquah  and Francis Koranteng.

SSNIT has also proposed  the names of three persons that should be considered as Directors.

They are Ebenezer Tetteh Togoe, Paul King Aryene and Victoria Emeafa Hardcastle.

According to SSNIT it is taking this action because the current board has failed to act in the interest of shareholders.  

The court battle between HFC and Republic Bank of Trinidad and Tobago and the Social Security and National Insurance Trust (SSNIT) over the holding of the Extraordinary General Meeting intensified this year after SSNIT called the meeting.

The issue first started with allegations of insider trading regarding a takeover bid of HFC bank by Republic Bank of Trinidad and Tobago.