The Ghana Stock Exchange (GSE) has suspended the listing status of UT Bank (GSE: UTB) following its licence being revoked and subsequent takeover by GCB. The GSE also indicated that UT Bank has failed to publish its financial results since the end of its financial year December 31, 2015.
Now this raises the question why the GSE never took any action regarding the listed company not providing its financial reports and was still actively trading until the banking regulator, Bank of Ghana, BoG revoked their licence.
What happens now to other listed companies that have also not provided their report on financial statements whose stocks are also still actively traded? Certainly, the Stock Exchange has some questions to answer and investors would want to know if really the Securities and Exchange Commission, SEC exists to protect their interests.
Download full statement published on the GSE website.
