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BOG vrs UNIBANK: Court to deliver ruling on BOG application on High Court proceedings halt

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An Accra High Court presided over by Justice Gifty Agyei Addo will on the 26th of this month, deliver a ruling on an application by the Bank of Ghana, seeking to halt proceedings at the High Court pending the determination of their appeal at the Court of Appeal.

The Bank of Ghana is challenging the decision of the High Court that dismissed their claim that the High Court lacked jurisdiction to hear an action instituted by HODA Holdings, challenging the revocation of the license of one of its subsidiary companies, Unicredit Savings and loans.

The Court in October last year dismissed an application by lawyer of the Bank of Ghana, Frank Davies, seeking to strike out a case filed by UniCredit challenging the revocation of its license. It indicated that its jurisdiction has been properly invoked in the matter and subsequently ordered the Bank of Ghana, to file a response to the application brought by the owners of Unicredit Savings and loans.

The Court also awarded a cost of 3000 cedis against the Bank of Ghana to be paid to Unicredit savings and loans and another 2000 cedis. Bank of Ghana dissatisfied with the ruling of the High Court proceeded to the Court of Appeal to quash the High Court ruling because the central bank believes the matter should have been handled at an arbitration level before proceeding to court.

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