Quarrel amongst court-appointed directors of failed F&G
View(s):Disagreements have broken out among the Supreme Court-appointed directors of the Finance & Guarantee Real Estate Co Ltd and Property Developers (Pvt) Ltd (F&G) with accusations flying between two sides. Three of these directors are accusing another director who has acted as the Chairman of F&G Board of not conducting the affairs of the Board of Directors properly and alleging that this would hinder the action plan of the Central Bank which has been accepted by the Supreme Court. The said director was earlier appointed as the Chairman of the board by the other three directors with the concurrence of the Supreme Court. But due to this individual allegedly acting single handedly, the three dissenting directors by a joint letter dated 24/6/2016 addressed to this director has removed him from chairmanship of F&G. These issues are expected to surface when the case resumes in the Supreme Court on September 9. -(QP)