Tuesday, 05 December

BoG given 14 days to file response in uniCredit case; application dismissed


The Human Rights Division of the Accra High Court, presided over by Justice Gifty Agyei, has given the Bank of Ghana (BoG) up to 14 days to file its statement of case and response in the case brought against it by HODA Holdings, the mother company of uniCredit Savings and Loans Company.

This was after the court, on Tuesday, 26 May 2020, dismissed an application by the BoG that sought to halt the hearing of the case.

The dismissal now paves the way for the substantive case to be heard.

HODA Holdings is challenging the revocation of the licence of uniCredit by the central bank.

It 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 Specialised Deposit-taking Institution.

Additionally, is praying the court for 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.

The BoG, in August last year, revoked the licences of uniCredit and 22 other savings and loans companies for being insolvent.


Source: ClassFMonline.com