The Court of Appeal has declared the decision of the Bank of Ghana (BoG) to revoke the operation license of UniCredit as an unlawful exercise of its powers.
The panel of three presided over by Justice Gabriel 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 were delivered on Thursday, July 7, 2022.
The revocation of unCredit 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 judgment of the High Court.
Background
The mother company of Unicredit Savings and Loans Company – HODA Holdings Limited in August 2019 sued Dr. Ernest Addison and the Bank of Ghana for revoking the license of the company.
In the company’s affidavit filed at the Human Rights Division of the High Court, Hoda Holdings said its funds of over GHS 54 million were locked up with Unibank before it was forced to cease operations by the central bank in 2018 and it has since been trying to retrieve it.
Hoda Holdings wants “An Order of Certiorari directed at the 1st and 2nd Respondents to bring up to this Honourable Court for the purpose of being Quashed the Notice Dated the 15th day of August 2019 declaring Unicredit Ghana Limited insolvent and revoking the license of Unicredit Ghana Limited to operate as a Specialized Deposit-taking Institution.
An Order of Interlocutory Injunction restraining the Respondents, their agents, assigns, privies hirelings or otherwise howsoever described from interfering with the Operations of Unicredit Ghana Limited and to refer the Subject matter of the Instant Application to Arbitration.”
