US Supreme Court Curbs SEC’s powers
June 27, 2024
The US Supreme Court rejected as unconstitutional the use of in-house procedure by the Securities and Exchange Commission (SEC”) in determining and deciding securities fraud. The 6-3 decision – clearly on ideological lines-was delivered by Chief Justice John Roberts.
According to the court, agency proceedings that seeks penalties for fraud is the province of the Federal Court, accordingly same is a violation of the US Constitution. ThE case involved, George Jarkesy, a hedge fund manager who was barred by SEC after been found culpable of securities fraud. Aggrieved, George Jarkesy filed a law suit challenging the legality of the SEC’s internal procedure.
Ato Essien Rebuffed by High Court
June 28, 2024
An Accra High Court dismissed an application by Ato Essien the former Managing Director of the defunct Capital Bank.
Mr Essien upon conviction for stealing had reached settlement terms with the state, to be allowed to refund the sum stolen. Court records indicates he has not kept up with payment schedule. With the possibility of custodial sentence looming, Mr Essien had sought through an application to be allowed to renegotiate his agreement with the state.
The trial judge declined the invitation and dismissed the said application.
Supreme Court Reverses Court of Appeal on Unibank
June 26, 2024
The Supreme Court of Ghana reversed the Court of Appeal regarding the revocation of the banking license of Unibank.
While the Court of Appeal had earlier held that due process was not followed in the lead up to the revocation, the Supreme Court presided over by her ladyship the Chief Justice held otherwise, holding that the revocation was in accord with law and same appropriate.
Two Police Inspectors Jailed for Secessionist Activities
June 26, 2024
An Accra High Court has sentenced two police inspectors to nine years in prison for their membership of the Western Togo Restoration Front (WTRF), a proscribed secessionist group in Ghana.
The first accused, Billy Akuaku who made financial contributions to another secessionist group called Home Land Study Group Foundation (HSGF) was handed a 5-year jail term and fined GHC6000. The second accused, Gabriel Dorduno who was also made financial contribution to HSGF was sentenced to four years in prison and a fined Ghch3600.
