The Bank of Ghana’s decision to remove Unicredit’s license has been deemed an unlawful use of authority by the Court of Appeal.
As a result, the Court has overturned the Bank of Ghana’s notification of the license revocation that was sent on August 16th, 2019.
As a result, the three-person panel headed by Justice Gbiel S. Suubaareh invalidated the action of revoking the license of Unicredit Ghana Limited.
On Thursday, July 7, 2022, the Court of Appeal’s unanimous judgment was handed down under the leadership of Justice Suubaareh, with Justice Merley Afua Wood and Justice Janapare A. Bartels serving as panel members.
The Bank of Ghana’s notice dated August 16th 2019 included information about the cancellation of unCredit’s license.
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.
In accordance with Section 123 (1) of the Banks and Specialized Deposit-Taking Institutions Act of 2016, the Central Bank terminated the licenses of 23 insolvent savings and loans institutions and finance houses, including uniCredit, on Friday, August 16, 2019. (Act 930).
If the Bank of Ghana deems that a Bank or Specialized Deposit-Taking Institution (SDI) is insolvent, this article mandates that the Bank of Ghana terminate the institution’s license.
However, Hoda Holdings Limited, the parent company of UniCredit, requested an interlocutory injunction against the BoG from interfering with its activities until arbitration in a writ issued on Monday, August 19, 2019.
After the operating license was revoked, in 2020, the High Court (Human Rights Division), chaired over by Her Ladyship Gifty Adjei Addo, denied a judicial review request made by HODA Holding against BoG.