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BoG did not make any mistake in revoking UniCredit’s license

The Supreme Court has affirmed that the Bank of Ghana (BoG) did not commit any error in revoking the license of UniCredit Ghana Limited.

This is in light of a unanimous decision of the Supreme Court on Wednesday, June 26, where it reversed the decision of the Court of Appeal and upheld the decision of the High Court in the case of The Republic Versus Bank of Ghana, Ex Parte Hoda Holdings. Limited.

“Today, the Supreme Court, in a unanimous decision, reversed the decision of the Court of Appeal and upheld the decision of the High Court in the case of The Republic Versus Bank of Ghana, Ex Parte Hoda Holdings Limited. By this decision, the Supreme Court affirmed that the Bank of Ghana did not commit any error in revoking the license of UniCredit Ghana Limited.”

Background

On 16 August 2019, the Bank of Ghana declared UniCredit Ghana Limited (Unicredit) insolvent and revoked its license to operate as a savings and loan company, under section 123 of the Banks and Specialized Depository Institutions Act 2016 (Law 930).

Hoda Holdings Ltd, the majority shareholder of UniCredit, filed an application with the Human Rights Division of the High Court seeking a judicial review of the Bank of Ghana’s decision to revoke UniCredit’s license and an injunction restraining the Bank from interfering with operations. from UniCredit.

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