{"id":193867,"date":"2024-06-27T09:23:59","date_gmt":"2024-06-27T09:23:59","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/06\/27\/bog-committed-no-error-in-revoking-unicredits-licence-supreme-court\/"},"modified":"2024-06-27T09:23:59","modified_gmt":"2024-06-27T09:23:59","slug":"bog-committed-no-error-in-revoking-unicredits-licence-supreme-court","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/06\/27\/bog-committed-no-error-in-revoking-unicredits-licence-supreme-court\/","title":{"rendered":"BoG committed no error in revoking UniCredit\u2019s licence \u2013 Supreme Court \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Supreme Court has affirmed the\u00a0Bank of Ghana\u2019s decision to revoke UniCredit Ghana Limited\u2019s operating license.<\/p>\n<p>The unanimous decision by the apex court overturns the Court of Appeal\u2019s previous ruling and upholds the High Court\u2019s initial decision from March 2021.<\/p>\n<p>In August 2019, UniCredit Ghana Limited was declared insolvent by the Central Bank and had its license revoked under section 123 of the Banks and Specialised Deposit-Taking Institutions Act of 2016 (Act 930).<\/p>\n<p>However, this decision was challenged by Hoda Holdings Limited, the majority shareholder of UniCredit, through an application filed at the Human Rights Division of the High Court.<\/p>\n<p>The application sought judicial review of the\u00a0Bank of Ghana\u2019s decision and an injunction to prevent interference with UniCredit\u2019s operations.<\/p>\n<p>The Supreme Court panel, presided over by Chief Justice Gertrude Araba Esaaba Sackey Torkornoo and including Justices Mariama Owusu, Prof. Henrietta Joy Abena Nyarko Mensa-Bonsu, Ernest Yao Gaewu, and Yaw Darko Asare, unanimously affirmed that the\u00a0Bank of Ghana\u00a0had made no error in revoking UniCredit\u2019s license.<\/p>\n<p>The\u00a0Bank of Ghana\u2019s clean-up exercise in the banking sector took place from mid-2017 to January 2020.<\/p>\n<p>This clean-up led to a reduction in the number of banks from 34 to 23, while 347 microfinance institutions, 15 savings and loans, and eight finance houses had their licenses revoked for various breaches, according to the Central Bank.<\/p>\n<p><strong>High Court Decision<\/strong><\/p>\n<p>On March 18, 2021, the High Court presided over by Justice Gifty Agyei Addo, ruled in favour of the\u00a0Bank of Ghana, and held that from the evidence before the Court, UniCredit was insolvent prior to the revocation of its licence.<\/p>\n<p>The Court found that contrary to UniCredit\u2019s claim of not being given a hearing, the\u00a0Bank of Ghana\u00a0served UniCredit with numerous notices directing it to rectify its capital deficiency failing which the\u00a0Bank of Ghana\u00a0would exercise its powers under Section 123 of Act 930.<\/p>\n<p>The Court further held that the\u00a0Bank of Ghana\u00a0committed no missteps in revoking the license of Unicredit. The High Court also affirmed that the steps taken by the\u00a0Bank of Ghana\u00a0to revoke the licence of UniCredit and place it under receivership was in accordance with Act 930.<\/p>\n<p><strong>Hoda Holdings Limited\u2019s appeal to the Court of Appeal<\/strong><\/p>\n<p>Aggrieved and dissatisfied with the decision of the High Court, Hoda Holdings Ltd appealed to the Court of Appeal.<\/p>\n<p>On July 7, 2022, the Court of Appeal comprising Justice Janapare A. Bartels-Kodwo, Justice Merley Wood and Justice G.S. Suurbaareh overturned the decision of the High Court and ruled in favour of Hoda Holdings Ltd.<\/p>\n<p>The Court of Appeal held that the\u00a0Bank of Ghana\u00a0in revoking the licence of UniCredit under section 123 of Act 930 should have followed the steps provided in section 16(3&amp;4) of Act 930.<\/p>\n<p>The Court of Appeal further held that the failure of the\u00a0Bank of Ghana\u00a0to comply with the procedure in section 16(3&amp;4) of Act 930 meant that UniCredit was not given a hearing before its licence was revoked.<\/p>\n<p><strong>Source:\u00a0<\/strong>www.ghanaweb.com<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Supreme Court has affirmed the\u00a0Bank of Ghana\u2019s decision to revoke UniCredit Ghana Limited\u2019s operating license. The unanimous decision by the apex court overturns the Court of Appeal\u2019s previous ruling and upholds the High Court\u2019s initial decision from March 2021. In August 2019, UniCredit Ghana Limited was declared insolvent by the Central Bank and had [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":193868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-193867","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoG committed no error in revoking UniCredit\u2019s licence \u2013 Supreme Court \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/06\/27\/bog-committed-no-error-in-revoking-unicredits-licence-supreme-court\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoG committed no error in revoking UniCredit\u2019s licence \u2013 Supreme Court \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Supreme Court has affirmed the\u00a0Bank of Ghana\u2019s decision to revoke UniCredit Ghana Limited\u2019s operating license. The unanimous decision by the apex court overturns the Court of Appeal\u2019s previous ruling and upholds the High Court\u2019s initial decision from March 2021. 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