High Court upholds BoG's decision to revoke Unicredit’s licence

A Human Rights Court has affirmed that the Bank of Ghana (BoG) followed due and lawful process in revoking the license of the Unicredit Ghana Limited in the wake of the banking sector clean-up.

The development comes after HODA Holdings Limited, (HODA) the majority shareholder of Unicredit Ghana Limited filed a Motion on Notice for Judicial Review to quash the Notice served by the Bank of Ghana which declared Unicredit insolvent and hence revoked its license to operate as a Specialized Deposit-Taking Institution.

Information available to GhanaWeb points that the presiding judge, Justice Gifty Agyei Addo dismissed the entire case of HODA Holdings Limited, as being without merit.

The decision came after the Court examined and evaluated the affidavits, exhibits and the various submissions by counsel for the parties (Frank Davies Esq. for Bank of Ghana and Adu Mante Esq. for HODA).

HODA had prayed the Human Rights Court for “an order of injunction directed at the Bank of Ghana, their agents, assigns, privies, and hirelings or otherwise howsoever described from interfering with the operations of Unicredit and to refer the subject matter of the Application to Arbitration.”

But the court in its judgment affirmed the bank's dissolution of powers by the Bank of Ghana under the Banks and Specialised Deposit-Taking Institutions Act, Act 930 and held that the steps taken by the Bank of Ghana in revoking the licence of Unicredit were in accordance with due process and lawful.