Saturday, 21 October 2017

BUSINESS AND ECONOMY

How Ghana king's cash 'cost banker job'

Posted On Wednesday, 11 October 2017 22:31 Written by
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Ghana's Osei Tutu II Ghana's Osei Tutu II

An employment tribunal in the UK has been hearing how Ghana's Osei Tutu II, the Ashanti king, handed $462,000 (£350,000) in cash to a bank worker to deposit in his account, the UK's Telegraph newspaper reports.

The monarch gave a bag containing notes of almost £200,000 and $200,000 in August last year to Mark Arthur.

The deposit at the Ghana International Bank in London triggered a money-laundering alert and cost Mr Arthur his job.

Mr Arthur, a dual citizen of UK and Ghana, says that his dismissal was unfair.

He said that the money transfer had been approved by Joseph Mensah, the bank's chief executive, the report says.

His lawyers say that his handling of the deposit was in line with way the bank previously handled Osei Tutu II’s bank account.

The king, who once worked in the UK, is estimated to be Africa’s 10th richest monarch, with valuable gold mine and cocoa plantations, and remains one of the most influential traditional figures in Ghana, the report says.

The tribunal continues.

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