A former Justice of the Supreme Court, Professor Justice Samuel Date-Bah, who was appointed by the Commercial Division of the Accra High Court to arbitrate in the case of UniBank, has written to the parties involved in the matter to appear before him today, June 19, 2019.
The appearance of the 16 shareholders, the receiver of the bank, Nii Amanor Dodoo, and the Attorney-General will allow Prof. Justice Date-Bah, as the sole arbitrator, to determine whether or not the revocation of uniBank’s class-one banking licence by the Bank of Ghana (BoG) was done in accordance with the tenets of law.
The Accra High Court presided over by Mrs Justice Jenifer Dadzie, referred the matters contained in a counter-claim filed by lawyers for Dr Kwabena Duffour II, one of the 16 shareholders of the bank, for arbitration.
The counter-claim argued that the revocation of uniBank’s licence was illegal.
The court, pursuant to provisions of Act 930, referred the matter of the revocation to arbitration and appointed Prof. Justice Date-Bah as the sole arbitrator on May 17, 2019.
On September 4, 2018, the receiver of uniBank sued the 16 shareholders for allegedly breaching their fiduciary duties as directors of the bank and, in the process, making the bank incur a GH¢5.7 billion debt, leading to its collapse.
The plaintiff, accordingly, prayed the High Court to hold the 16 defendants jointly liable for all the losses uniBank Ghana Limited had suffered.
The shareholders include Dr Kwabena Duffuor, HODA Holdings Ltd, HODA Properties Ltd, Integrated Properties Ltd, Alban Logistics Ltd, Starlife Assurance, Bolton Portfolio Ltd and Dr Kwabena Duffuor II.
The rest are Opoku Gyamfi Boateng, Prof. Newman Kwadwo-Kusi, Owusu Ansah Awere, Ekow Nyarko Dadzie-Dennis, Boatemaa Kakra Duffour-Nyarko, Kofi Kyereh Darkwah, Nana Boakye Asafu-Adjaye and Alex Gaddiel Buabeng.
The defendants denied all the allegations, and on October 12, 2018 three of them filed a counter-claim accusing the plaintiff of certain infractions and, therefore, seeking certain reliefs.
Dr Duffuor II, Prof. Kwadwo-Kusi and Ms Duffuor-Nyarko, in the counter-claim, accused Nii Dodoo of issuing a defective report, leading to the collapse of the bank.