Citi Business News can confirm that the case that was filed at the Supreme Court over the launch of the adb Initial Public Offer (IPO) by a Member of Parliament has been officially withdrawn.
The case was filed by the Member of Parliament for New Juaben South constituency, Dr. Mark Assibey-Yeboah who had insisted that the Bank’s initial Public Offer should first be approved by parliament.
The MP had invoked the original jurisdiction of the Supreme Court to compel the Bank to seek parliamentary approval before it proceeds with the planned public offer.
Questions were raised over why adb went ahead to float its shares when the case was still at the Supreme Court with the Minority’s spokesperson on finance, Dr. Anthony Akoto Osei bemoaning the conduct of the bank insisting it was in clear breach of the rules of the court.
But documents cited by Citi Business News on the case reveal that the case was withdrawn on Monday June, 29 a few days before the IPO was launched on Friday, July 3, 2015.
According to the documents, the plaintiff Dr. Mark Assibey-Yeboah has withdrawn ‘his writ invoking the original jurisdiction of the Honourable court against the Defendants in the above mentioned suit’.
The withdrawal letter was signed by the lawyer for Dr. Mark Assibey-Yeboah Bernina Korkor Okutu.
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