Databank withdraws from Agyapa deal as transaction advisor

Investment and brokerage firm, Databank has served notice to Imara Holding Limited of their decision to withdraw their services as a partner and transaction advisor in the controversial Agyapa royalties deal.

Databank and Imara Holding Limited were co-partners and transaction advisors for the Agyapa Gold Royalties Company.

According to the Group Chief Executive Officer of Databank, Kojo Addae-Mensah, in a letter to Imara Holding Limited, their decision to withdraw follows several attacks on their reputation by political actors as a result of the Finance Minister’s association with the investment firm.

This, he said, was intensely felt during the just ended 2020 elections.

“The Board of Directors of Databank has observed with deep concern persistent attempts by some political actors, during the political season leading up to the general election of December 2020, to tarnish our hard-won reputation painstakingly built over the last 30 years, by unfairly exploiting our participation and involvement in the transaction as one of the transaction advisors. We believe this is principally due to the Minister of Finance’s association with Databank as its co-founder.”

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He added that despite the great rewards they are certain the country would benefit from the said transaction, the insinuations made against the brokerage by these political actors “not only grossly compromise the ability to execute such a market-sensitive and novel transaction, but also has a real tendency to severely damage the invaluable business reputation of Databank.”

He further explained that the bank’s decision to withdraw is an attempt to salvage the hard-earned reputation they had painstakingly built over the last 30 years.

“It is this deep market knowledge and extensive experience that makes us understand that the potential damage from the fall out of all the negative press regarding Databank’s involvement in the Agyapa transaction, especially the proposed IPO, despite our sterling track record over the years, is incalculable both in the domestic and international financial markets.

“The reasons expressed above have compelled us to take the hard-decision to formally withdraw our services as your partner and co-transaction advisor on this mandate,” he noted.