Business News Fri, 27 Sep 2019

High Court dismisses BoG claims over Unicredit license revocation

An Accra High Court has dismissed an application by the Bank of Ghana (BoG) seeking the court to strike out a case by UniCredit challenging the BoG’s letter revoking its operational license.

This comes after an application for judicial review by owners of UniCredit challenging the Central Bank over the decision to revoke its license.

But before that case could be heard, the BoG through its lawyers filed an application asking the court to strike out the application.

According to the BoG, the applicant (UniCredit) did not properly invoke the jurisdiction of the court. It further argued that the process should have begun through an arbitration process and not the court.

The Judge, Justice George Koomson in his ruling said the applicants had properly invoked the jurisdiction of the court and that the case of breach of natural justice is one that the court has the mandate to hear.

A cost of GH¢3000 was subsequently awarded against the BoG.

Source: citibusinessnews.com
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