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Ghana International Bank clears air on Otumfuo money laundering allegations

Asantehene, Otumfuo Osei Tutu II

The Ghana International Bank has dispelled reports suggesting that Otumfuo Osei Tutu II is a party to the ongoing case about Mark Arthur’s breaches of the Bank’s internal policies and procedures as well as UK laws.

A press statement issued by Myddleton communications on behalf of management of the bank states that there has never been any

suggestion by the Bank that the Asante monarch was or is involved in money laundering.

“The Tribunal’s proceedings and its findings will be about whether the Bank was entitled to dismiss Mark Arthur as it did and not about the King, Otumfuo Nana Osei Tutu II.”

“There has never been any suggestion by the Bank that the King was or is involved in money laundering. In fact, we have no evidence to that effect. The bank has also not in any of its submissions questioned the integrity of the King.” It notes.

Management of the Ghana International Bank further cited in the statement that it never mentioned the King nor identified him in any of the documents submitted to the Tribunal in its defence.

“With a focus on the substance of the matter and for customer confidentiality purposes, the bank had applied for an anonymity order in September of this year ahead of the Tribunal Proceedings in October. This would have eliminated the mention of name of the king in the proceedings of the tribunal. Additionally, the Bank never mentioned the King nor identified him in any of the documents submitted to the Tribunal in its defence.”

On October 10, 2017, telegraph.co.uk carried a story that Otumfuo Osei Tutu II, traditional ruler of the Kingdom of Ashanti, summoned Mark Arthur to his multimillion-pound residence in Henley-on-Thames and handed him a bag containing almost £200,000 in sterling as well as $200,000 in US currency with consecutive serial numbers, the bank official felt it inappropriate to ask too many questions.

However, the subsequent deposit of the cash at Ghana International Bank triggered a money laundering alert in the City of London and cost Mr Arthur his job.

Read the full press statement:

PRESS STATEMENT

Mark Arthur V. Ghana International Bank Public Liability Company

Ghana International Bank Plc’s attention has been drawn to certain misrepresentations in the matter above and wishes to clarify its position as follows:

  • Ghana International Bank Plc.  operates in the United Kingdom and is subject to the regulations of the Prudential Regulatory Authority,the Financial Conduct Authority and the UK as a whole.
  • These regulations guide the bank’s internal procedures, policies as well as the conduct of all of its employees.
  • The Bank takes its legal and regulatory obligations very seriously as well as its duties and obligations to its customers. In this regard, staff are required under the bank’s whistle blowing policy and UK laws to report all suspicious transactions to the appropriate authorities. The consequences of the Bank not fulfilling its obligations can be far reaching at times. In some instances, staff seen to be liable could face a possible jail term and in extreme cases the Bank itself could face a withdrawal of its operating licence.
  • The ongoing case which has caught public attention is about Mark Arthur’s breaches of the Bank’s internal policies and procedures as well as UK laws.
  • The Tribunal’s proceedings and its findings will be about whether the Bank was entitled to dismiss Mark Arthur as it did and not about the King, Otumfuo Nana Osei Tutu II.
  • There has never been any suggestion by the Bank that the King was or is involved in money laundering. In fact, we have no evidence to that effect. The bank has also not in any of its submissions questioned the integrity of the King.
  • With a focus on the substance of the matter and for customer confidentiality purposes, the bank had applied for an anonymity order in September of this year ahead of the Tribunal Proceedings in October. This would have eliminated the mention of name of the king in the proceedings of the tribunal.  Additionally, the Bank never mentioned the King nor identified him in any of the documents submitted to the Tribunal in its defence.
  • Mark Arthur had however contested this and had won thus exposing the identity of the king and his name in the proceedings.
  • The Bank has maintained a long standing relationship with the King and has worked closely with him on initiatives such as the Otumfuo Education Fund, in providing IT education to children in deprived communities.  This is a project that the Bank is keen to continue supporting.

THANK YOU

SIGNED

MYDDLETON COMMUNICATIONS LIMITED

(ON BEHALF OF MANAGEMENT OF GHANA INTERNATIONAL BANK PLC)

Source: GhanaWeb

About Efo Korsi Senyo

Efo Korsi Senyo has over 4 years experience working as investigative journalist with Awake Africa. He is the Head of Awake Investigates. Connect with him via senyo@awakeafrica.com or WhatsApp: +233249155003