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Business News Wed, 13 May 2020

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Court sets May 26 to rule on stay of proceedings application in Unicredit case

The Human Rights High Court has set 26th of May 2020, to rule on an application by the central bank, the Bank of Ghana ( BoG) that is seeking to block proceedings of the case at the High Court.

The court is presided over by Justice Gifty Agyei Addo.

The BoG is challenging the decision of the High Court that dismissed their claim that the High Court lacked jurisdiction to hear an action instituted by HODA Holdings, challenging the revocation of the license of one of its subsidiary companies, Unicredit Savings and loans.

Last year, the court threw away an application by lawyer of the central bank, Mr Frank Davies, seeking to strike out a case filed by UniCredit challenging the revocation of its license.

The High Court said its jurisdiction has been properly invoked in the matter and subsequently ordered the Bank of Ghana, to file a response to the application brought by the owners of Unicredit Savings and loans. The Court also awarded a cost of GH¢3000 against the Bank of Ghana to be paid to Unicredit savings and loans and another GH¢2000.00.

Bank of Ghana being dissatisfied with the ruling of the High Court proceeded upstairs to the Court of Appeal to quash the High Court ruling because the central bank believes the matter should have been handled at an arbitration level before proceeding to court.

Source: laudbusiness.com

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