Brokerage and Financial Advisory firm, Databank Group, has withdrawn as a transactional advisor from the Gold Royalties Monetisation Transaction arrangement, popularly referred to as the Agyapa deal.
This was made known in a letter signed by the Chief Executive Officer, Kojo Addae-Mensah. The letter, dated December 10, 2020, was addressed to Tom Gaffney, a Director of Imara Tara Holdings, one of the foreign firms acting as transactional advisors to the deal.
Databank was a local partner with Imara Tara Holdings.
In the letter, Databank said although it engaged in the Agyapa deal with a sense of patriotism, it decided to withdraw due to what it described as an attempt by some political actors to tarnish its reputation.
Databank said although it was convinced about the ultimate benefit of the Agyapa deal, the brouhaha over its (Databank) involvement, coupled with insinuation and aspersions cast on its reputation compromised its ability to execute such a market-sensitive and novel transaction and also has the tendency to severely damage its invaluable business reputation.