An Accra High Court has dismissed an application by lawyers of the Bank of Ghana (BoG) asking the court to strike out UniCredit’s case challenging the Central Bank’s letter revoking its operational license.
Frank Davies who is the Lead Counsel for the Bank of Ghana (BoG) was praying the court to quash a matter brought before it by unicredit Ghana limited which seeks to reverse the actions by the central bank to revoke the licenses of the firm and to declare it insolvent.
The court presided over by Justice George Koomson in its ruling today September 26, 2019, said the applicant (UniCredit ) has properly invoked the jurisdiction of the court and that BoG has no case to object Unicredit’s suit.
The court then fined Bank of Ghana GHC3000 in damages.
Background
The mother company of unicredit ghana limited – Hoda Holdings Limited in August 2019 sued Dr. Ernest Addison and the Bank of Ghana for revoking the license of the company.
In the company’s affidavit filed at the Human Rights Division of the High Court on Monday, Hoda Holdings said its funds of over GHS 54 million were locked up with Unibank before it was forced to cease operations by the central bank in 2018 and it has since been trying to retrieve it.
Hoda Holdings wants “An Order of Certiorari directed at the 1st and 2nd Respondents to bring up to this Honourable Court for the purpose of being Quashed the Notice Dated the 15th day of August 2019 declaring Unicredit Ghana Limited insolvent and revoking the license of Unicredit Ghana Limited to operate as a Specialized Deposit-taking Institution”.
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Hoda Holdings also requested for an injunction to restrain the Bank of Ghana and any of its agents from interfering with the Operations of Unicredit Ghana Limited and to refer the Subject matter of the Instant Application to Arbitration.
