Shareholders of Union Trust Bank (UTB) have formally petitioned the Bank of Sierra Leone (BSL), requesting an immediate stay, recall, and suspension of the regulator’s 8 December notice placing UTB under caretaker management and approving Rokel Commercial Bank (RCB) as the acquiring institution.
The petition, submitted through ACE Legal Partners on behalf of major shareholders and consultant Dr. Jonathan Bangura, alleges that the central bank’s takeover process violated statutory and constitutional provisions under the Banking Act.
Shareholders argue that due process was not followed and called on BSL to reconsider its resolution, asserting that the takeover decision undermines shareholder rights and corporate governance.
