Dr. Ernest Addison, BOG Governor<\/strong><\/p>\n\u00a0<\/p>\n
The Human Right Division, Accra High Court, has\u00a0dismissed an application filed by Dr. Papa Kwesi Nduom, GN Saving and Loans Company and others for the violation of fundamental human rights in its entirety.<\/p>\n
Dr. Ndoum filed an application against the Bank of Ghana (BoG), the Attorney General and the Receiver of the savings and Loans companies, praying the Court to revert the decision by BoG to revoke the licence of GN Savings and Loans, saying the action was a violation of his fundamental human rights.<\/p>\n
Meanwhile, applicants have served notice of an appeal, saying \u201cwe will appeal and prevail.\u201d<\/p>\n
The Court presided over by Justice Gifty Addo Adjei, delivering judgement on the case, said the Central Bank was therefore right when it revoked the licence of the third respondent because it had become apparent that it was unable to meet its debt obligations due to poor governance structures.<\/p>\n
Initially, Lawyers for the BoG, raised a legal objection to the application on the basis that the jurisdiction of the High Court has been wrongly invoked.<\/p>\n
Dr. Justice Srem Sai, Counsel for Dr. Nduom, said the action taken by the BoG and its agent, which included the receiver of the savings and loans companies, was a clear violation of his human right.<\/p>\n
The lawyers for the Central Bank\u00a0and the Attorney General said the jurisdiction of the court had been wrongly invoked because matters of banking revocation were expected to go for arbitration at the Arbitration Centre.<\/p>\n
But Justice Srem Sai\u00a0vehemently opposed this argument.<\/p>\n
The Court said the applicant had not been able to satisfy the court that at the time of the revocation of its licence, it was solvent and able to meet its debt obligations.<\/p>\n
Justice Addo Adjei said the claim by the applicants of unreasonableness coupled with malice and violation of existing laws in the process of the revocation was unfounded.<\/p>\n
On the violation of the rights of the Administrative justice, the court was of the view that the Central Bank\u2019s intervened in the applicants\u2019 operations by way of revocation of licence according to the Provisions of Article 130 of the 1992 Constitution.<\/p>\n
\u201cNo illegality was occasioned by the conduct of the Central Bank in revoking the licence in the face of insolvency,\u201d she added.<\/p>\n
She said BoG had not breached the fundamental principles imbibed in its status.<\/p>\n
The court said the Central Bank took the most reasonable and fair decision in the face of the liquidity challenge in accordance with its mandate.<\/p>\n
On the issue of discrimination, the court concluded that the applicants were not discriminated against since other entities suffered a similar fate as that of the applicants.<\/p>\n
The court said the applicant was not discriminated against and their complaints are unfounded and without merit.<\/p>\n
It said the applicants could take the matter of debt owed them by the government through the Finance Ministry, even though they maintained that several actions to demand their money from government had failed and so it was unreasonable for the BoG to have revoked their licence, considering their circumstances.<\/p>\n
The court awarded a cost of GH\u00a250,000 in favour of all the respondents.<\/p>\n
\u00a0<\/p>\n
By Samuel Boadi<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Dr. Ernest Addison, BOG Governor \u00a0 The Human Right Division, Accra High Court, has\u00a0dismissed an application filed by Dr. Papa Kwesi Nduom, GN Saving and Loans Company and others for the violation of fundamental human rights in its entirety. Dr. Ndoum filed an application against the Bank of Ghana (BoG), the Attorney General and the […]<\/p>\n","protected":false},"author":1,"featured_media":17646,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-144869","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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