BoG suffers first defeat in court over Unicredit license revocation

High Court dismisses BoG claims over Unicredit license revocation in Accra. This is BoG first defeat in court over Unicredit license revocation. 

The court dismissed an application by the Bank of Ghana (BoG) seeking the court to strike out a case by UniCredit. 

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UniCredit had gone to court to challenge BoG’s letter which revoked the operational license of the bank in the wake of the collapse of local banks which have now been merged as the consolidated bank. 

The court refused to grant BoG the request. This comes after an application for judicial review by owners of UniCredit challenging the Central Bank over the decision to revoke its license.

Before the case was even heard at the court,  the BoG through its lawyers filed an application. The Application requested that the court should strike out the application by the lawyers of UniCredit.

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Unicredit license revocation

BoG was of the view that, the application filed by (UniCredit) did not properly invoke the jurisdiction of the court.

The regulatory body also argued that UniCredit should have started the process through an arbitration and not the court as it was attempting to do. 

The Judge, Justice George Koomson ruled that the Applicant, UniCredit had actually invoked the jurisdiction of the court properly.

It further added that, the court was interested in natural justice. thus  the case of breach of natural justice is one that the court has the mandate to hear.

BoG was handed damages to the tune of GH¢3000. This means that the court headed by the High Court, Justice George Koomson will go ahead to hear the case brought before it by UniCredit in subsequent seatings. 

Source: Wisdom Eli Kojo Hammond |Human Rights Activist|Public Speaker| Budding Leadership & Research Expert |Educationist, Author & Blogger |Newsghana24.com