The Chief Executive of UT Financial Services, Prince Kofi Amoabeng and three directors of BPI Bank are to face contempt charges for changing the logo and name of BPI Bank to UT Bank in view of a pending court action. Minority shareholders of BPI Bank, formerly Metropolitan and Allied Bank, on April 30, filed a motion for an interlocutory injunction to restrain UT Holdings Company, BPI Bank and Hopaco Capital Sdm Bhd from taking steps to change the name of BPI Bank to UT Bank. However, they allegedly went ahead to unilaterally change the logo and the name to UT Bank, and subsequently launched it on May 4. The three directors are Captain Budu Koomson, Mrs Pearl Esua-Mensah and Michael Atiboly. The motion on notice for contempt filed on May 5 is expected to be moved on May 12, in an Accra Commercial Court presided over by Justice Amido Tanko. An affidavit in support of the motion sworn by one of the minority shareholders, Alex Ashiabor, said the motion for an interlocutory injunction was served on the respondents on the same day but they plainly disregarded it and went ahead with the change of name. It said the action by the respondents is a "smack in the face of the court and gross disregard for the authority and power of the court." It said the respondents’ action amounted to contempt of court, hence should be ordered to purge their contempt. In their motion for injunction, the minority claimed that at no time was the issue of the change of the name from BPI Bank to UT Bank set down at a meeting agenda for the shareholders to deliberate upon for consideration. They averred that the said intention by the majority shareholders to change the name was subsequently made public without any consultation with and knowledge of the minority shareholders. According to them, the said unilateral change of name was brought to their attention when they were invited by letters to witness the official launching of the change of name on May 4. They contended that the unilateral attempt by the majority to change the name of BPI Bank was "an abuse of minority right" who were from the inception, owners of the bank until a majority shareholders joined in December 2008. UT Financial Services in late last year purchased 51 per cent shares in BPI Bank from the majority shareholder, Hopaco Capital Sdn Bhd, a Malaysian company. The minority shareholders subsequently sued the Hopaco Capital Sdn Bhd, BPI Bank and UT Holding Company at an Accra Commercial Court over the takeover of the BPI Bank by UT Financial Services. They are seeking an order to set aside any purported sale and of transfer of Hopaco Capital Sdn Bhd shares in the bank to UT Financial Services, since according to them, it is in violation of the bank's regulation. They are further seeking among other relieves, perpetual injunctions against UT Financial Services from holding itself as shareholders, and another from holding itself as the Director and Chairman of the Board of BPI Bank. The minority averred that when Hopaco Capital Sdn Bhd indicated its intention to give up 51 per cent of its 94.67 per cent shares in the bank in September 2008 as a private company, it assured them of making sure that whoever acquires its shares would acquire theirs at the same price. According to them, they agreed to offload their shares in the bank based on the assurance given them by the majority shareholder, however, when UT Financial Services took over, it attempted to buy the shares at a lower price contrary to the agreed 2.147 dollars per share. Source: Times