Court throws out Republic Bank's request in HFC takeover

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An Accra Commercial High Court has thrown out a request by Republic Bank to nullify HFC bank's application seeking to stop the takeover of the institution.

The court presided over by Justice George Koomson in his ruling, noted that the application by HFC has merit and should be heard.

The Judge again struck out an application by the Securities and Exchange Commission that requested the court to throw out HFC’s application because it has failed to explore internal procedure to address its grievances.

The Judge however granted a request by lawyers for the plaintiff, HFC bank to award a cost of 1,500 Ghana cedis against the defendants - Securities and Executive Commission and the Republic Bank.

HFC bank in May filed a suit in court seeking to place an injunction on the takeover of the institution by Republic Bank.

The Securities and Exchange and Republic Bank were jointly sued by HFC bank in the application.

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