The Supreme Court of Ghana has upheld the dismissal of former Universal Merchant Bank (UMB) Managing Director, Peter Illiasu, over unauthorised financial and credit transactions.
The ruling, delivered on January 22, 2025, affirms the bank's 2010 decision to terminate his contract.
The five-member panel, led by Chief Justice Sackey Torkornoo, ruled unanimously in favour of UMB, citing serious breaches of banking regulations.
The former MD was found to have approved multi-million-dollar loan facilities beyond the bank's statutory lending limits, violating both internal policies and board-approved credit limits.
