The Bank of Ghana’s decision to cancel UniCredit’s operating license has been deemed an illegal use of authority by the Court of Appeal.
As a result, the license revocation action by Unicredit Ghana Ltd was invalidated by the three-person panel headed by Judge Gabriel S. Suubaareh.
On Thursday, July 7, 2022, the Court of Appeal’s unanimous judgment was handed down. The panel was presided over by Judge Suubaareh and included Justice Merley Afua Wood and Justice Janapare A. Bartels.
The Bank of Ghana’s notification dated August 16th 2019 included information about the cancellation of UniCredit’s license.
In 2020, the Accra High Court’s Human Rights Division, headed over by Judge Gifty Adjei Addo, denied HODA Holding’s request for judicial review against BoG after the latter’s operating license was revoked.
Lawyers for UniCredit filed an appeal against the High Court’s ruling after being dissatisfied with the outcome.
In August 2019, HODA Holdings Ltd, the parent firm of Unicredit Savings and Loans Company, filed a lawsuit against Dr. Ernest Addison and the Bank of Ghana for cancelling the company’s license.
Hoda Holdings said in an affidavit submitted to the Human Rights Division of the High Court that it has been attempting to recover more than GHS 54 million that was locked up with Unibank until the central bank compelled it to halt operations in 2018.
Hoda Holdings 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 Specialized Deposit-taking Institution.
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.”