The judge hearing the suit challenging the Bank of Ghana’s (BoG) revocation of the operating license of UniCredit Savings and Loans Company has expressed her displeasure at the slow pace of the case.
The judge, Justice Gifty Agyei Addo made this known after lawyers for the BoG requested for an adjournment of the case to enable them to file an amendment to their affidavit in support of the motion for judicial review by the plaintiffs.
According to Justice Agyei Addo, the amendment could have been filed during the one-month legal vacation period. She nevertheless granted their request and gave them a five-day ultimatum.
The mother company of UniCredit Savings and Loans Company, Hoda Holdings Limited in August 2019 sued BoG 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 GHS54 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.
In the company’s affidavit filed at the Human Rights Division of the High Court, Hoda Holdings said its funds of over GHS54 million were locked up with uniBank before it was forced to cease operations by the central bank in 2018 and it has since been struggling to retrieve it.
At the last hearing in September, an Accra High Court dismissed an application by the BoG asking the court to dismiss UniCredit’s application challenging the revocation of the company’s license.
According to the BoG, UniCredit did not properly invoke the jurisdiction of the court.
It further argued that the process should have begun with an arbitration process and not the court.
But the Judge, George Koomson, in his ruling said the applicants had properly invoked the jurisdiction of the court and that the case of breach of natural justice is one that the court has the mandate to hear.
A cost of GHS 3,000 was subsequently awarded against the BoG.
Source: Citinews.com