A group of DDEP-affected Eurobond investors have filed lawsuits against a number of commercial banks.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

A group of Eurobond investors affected by Ghana’s Domestic Debt Exchange Programme (DDEP) have initiated legal proceedings against several commercial banks, challenging their role in the restructuring of sovereign bonds.

Lawyers representing the investors have formally notified the banks of their intent to sue, citing substantial losses incurred due to the restructuring process and subsequent haircuts on their holdings.

The investors argue that they placed funds in these instruments based on trust in the commercial banks, which they claim failed to adequately protect their interests.

A segment of the bondholders taking legal action had declined to participate in the DDEP, yet still suffered significant losses as a result of the restructuring.

Source: newsthemegh.com