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To continue working or to fold up; court to determine Unicredit’s fate today

An Accra High Court will today September 26, 2019 rule on the license revocation of Unicredit Savings and Loans Company.

The case put before the court by the owners of Unicredit savings and loans company came days after the Bank of Ghana revoked their working license.

But the counsel for Unicredit savings and loans insist that the decision by the Bank of Ghana is a breach of natural justice.

However, Frank Davies, the Lead Counsel for the Bank of Ghana (BoG) wants the court to quash a matter brought before it by Unicredit which seeks to reverse the actions by the central bank to revoke the licenses of the firm and to declare it insolvent.

Background
The mother company of Unicredit Savings and Loans Company – Hoda Holdings Limited in August 2019 sued Dr. Ernest Addison and the Bank of Ghana for revoking the license of the company.

In the company’s affidavit filed at the Human Rights Division of the High Court on Monday, Hoda Holdings said its funds of over GHS 54 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.

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.

ALSO READ: 9 Questions and Answers about BoG shutdown of Savings and Loans companies

Hoda Holdings also requested for an injunction to restrain the Bank of Ghana and any of its agents from interfering with the Operations of Unicredit Ghana Limited and to refer the Subject matter of the Instant Application to Arbitration.

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