The Human Rights Court in Accra has said that the Bank of Ghana (BoG) followed due process in revoking the license of Unicredit.

HODA Holdings Limited, (HODA) the majority shareholder of Unicredit Ghana Limited (Unicredit) had filed a motion on notice for Judicial Review, in the nature of certiorari, to quash the Notice of Bank of Ghana dated 15th August 2019 declaring Unicredit insolvent and revoking its licence to operate as a Specialized Deposit taking Institution.

HODA also prayed the Human Rights Court for “an order of injunction directed at the Bank of Ghana, their agents, assigns, privies, and hirelings or otherwise howsoever described from interfering with the operations of Unicredit and to refer the subject matter of the Application to Arbitration”.

But on Thursday, the Court presided over by Justice Gifty Agyei Addo, after examining and evaluating the affidavits, exhibits and the various submissions by counsel for the parties - Frank Davies for Bank of Ghana and Adu Mante for HODA - dismissed the entire case of HODA Holdings Limited, as being without merit.

"The court in its judgment affirmed the bank resolution powers of the Bank of Ghana under the Banks and Specialised Deposit-Taking Institutions Act, Act 930 and held that the steps taken by the Bank of Ghana in revoking the licence of Unicredit were in accordance with due process and lawful.”

Dr Duffuor petitions Parliament over Unibank license revocation

In a related development, Dr Kwabena Duffuor, the former Finance Minister and founder of Unibank has petitioned Parliament to investigate the central bank over the revocation of his bank's license.

In a statement set for discussion in the House on Monday, March 22, sighted by Joy News, the former Governor of the central bank petitioned the Legislature to investigate the conduct of BoG in the takeover.

Mr Duffuor also wants an inquiry into the appointment of an Official Administrator of Unibank Ghana Limited as well as the circumstances surrounding the revocation of the bank’s license in 2018.

He is also asking Parliament to direct the restoration of the banking license of Unibank Ghana Limited by BoG and remedying the harms done to the shareholders’ property rights as a result of the conduct of the central bank.

Dr Duffuor, the founder of Unibank in 1997 at a time when he was BoG Governor, also wants Parliament to give any other directives it deems fit.

The bank was put into administration by the BoG in 2018 and then consolidated with four other defunct banks during Ghana’s banking crisis.