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BoG committed no error in revoking UniCredit’s licence – Supreme Court

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The Supreme Court has affirmed that the Bank of Ghana (BoG) committed no error in revoking the licence of UniCredit Ghana Limited.

This is in light of a unanimous decision by the Supreme on Wednesday, June 26, where it reversed the decision of the Court of Appeal and affirmed 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 affirmed 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 committed no error in revoking the licence of UniCredit Ghana Limited.”

Background

On 16th August 2019, The Bank of Ghana declared UniCredit Ghana Limited (Unicredit) insolvent and revoked its licence to operate as a savings and loans company, under section 123 of the Banks and Specialised Deposit-Taking Institutions Act of 2016 (Act 930).

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

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