5
Menu
News

UniCredit: Management to decide on retrieval of assets – Lawyer

Unicredit Microfinance 620x330 Unicredit Ghana Limited had its operating license revoked in 2019

Sat, 9 Jul 2022 Source: starrfm.com.gh

The lawyer for majority shareholders for uniCredit-Ghana, Kwesi Adu Martey has said the management of uniCredit Company Limited will have to decide on how to retrieve assets of the company.

The Appeal Court on Thursday, July 7, 2022 has quashed the revocation of the uniCredit-Ghana license by the Bank of Ghana (BoG) three years ago.

Speaking on Starr Today, Thursday, on how the company will retrieve the numerous assets of UniCredit before the revocation of its license, the lawyer indicated that any other move after the judgment will be taken by the management.

According to him, “the ruling means that my client’s Shareholding has been restored because the court has reverted uniCredit back to the position before the 16 of August 2019.”

“My client is the Shareholder of uniCredit and my client cannot comment on some of those things. It will depend on the management of uniCredit to decide what to do with the judgment. The Shareholder will have to meet and decide on what to do with their company,” Mr. Adu Martey explained.

He continued “because obviously the receiver that was appointed by the Bank of Ghana has taken certain steps and if those steps will have to reverse before uniCredit will become operational they will have to be taken.”

Lawyer Adu Martey also commended the court for the decision adding that “the rule of law has been upheld.”

Background

The Court of Appeal on July 7, 2022 has declared the decision of the Bank of Ghana to revoke the license of UniCredit as an unlawful exercise of its powers.

The court has therefore quashed the revocation of UniCredit Ghana Limited’s license which was contained in Bank of Ghana’s notice dated 16th August 2019.

The panel of three presided over by Justice Gbiel S. Suubaareh consequently quashed the revocation exercise of unicredit Ghana Limited’s license.

The unanimous decision of the Court of Appeal chaired by Justice Suubaareh with Justice Merley Afua Wood and Justice Janapare A. Bartels as panel members was delivered on Thursday, July 7, 2022.

The revocation of UniCredit license was contained in Bank of Ghana’s notice dated 16th August 2019.

The Human Rights Division of the Accra High Court presided over by Justice Gifty Adjei Addo had in 2020 dismissed an application for Judicial Review filed by HODA Holding against BoG following the revocation of the operating license.

Dissatisfied with the decision, lawyers of uniCredit filed an appeal against the judgement of the High Court.

Source: starrfm.com.gh
Related Articles: