Despite a court ruling that the Bank of Ghana (BoG) followed due process in revoking Unicredit’s license, the founder of the now-defunct uniBank Ghana Limited, Dr Kwabena Duffuor has petitioned Parliament to examine the circumstances surrounding his bank’s demise.
HODA Holdings Limited (HODA), the controlling shareholder of Unicredit Ghana Limited (Unicredit), has filed a Motion on Notice for Judicial Review, in the nature of certiorari, to quash the Bank of Ghana’s notice of insolvency and revocation of Unicredit’s license to function as a Specialized Deposit Taking Institution dated August 15, 2019.
HODA also asked the Human Rights Court for “an order of injunction directed at the Bank of Ghana, their officers, assigns, privies, and hirelings or otherwise howsoever defined from interfering with the operations of Unicredit and to refer the subject matter of the Application to Arbitration,” according to the petition.
After reviewing and assessing the affidavits, exhibits, and various representations by counsel for the parties, Frank Davies Esq. for Bank of Ghana and Adu Mante Esq. for HODA, the Honourable Court presided over by Justice Gifty Agyei Addo, dismissed the entire case of HODA Holdings Limited as being without merit on Thursday, March 18, 2021.
The court upheld the Bank of Ghana’s bank resolution powers under the Banks and Specialised Deposit-Taking Institutions Act, Act 930, and held that the Bank of Ghana’s acts in revoking Unicredit’s license were legitimate and in compliance with due process.
In a petition to Parliament, Dr Duffuor is asking Ghana’s law-making body to:
(i): investigate the conduct of the Bank of Ghana in the takeover, the appointment of an Official Administrator of uniBank Ghana Limited and the circumstances surrounding the revocation of the banking license of uniBank Ghana Limited:
(ii): Direct the restoration of the banking license of uniBank Ghana Limited by the Bank of Ghana and the remedying of the harms done the shareholders’ property rights as a result of the conduct of the Bank of Ghana;
(iii) Give any other directives that Parliament may deem appropriate.
A similar petition seeking similar reliefs has also been presented to Parliament by the founder of defunct UT Bank, Prince Kofi Amoabeng.
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SOURCE: ATLFMNEWSONLINE
