An Accra High Court has dismissed a case filed by the Receiver of defunct Unibank, Nii Amanor Dodoo that sought to challenge an arbitration process.
The court dismissed the case filed by Nii Amanor Dodoo describing himself as Receiver of Unibank against Dr Kwabena Duffour and other shareholders and directors of the defunct bank.
The parties in the case now have to return to arbitration presided over by retired Supreme Court Justice, Professor Date-Baah.
In an interview with JoyBusiness, Lawyer for three directors of the defunct bank, Yaw Oppong said, “…so it is a proper case where the court has to dismiss the suit, but then there is an aspect that he himself said should be heard at arbitration regarding the revocation, transfer of Unibank’s good assets as they themselves put it, to another bank created by government; and we are going to obey the orders of the court and go back to Justice Date-Baah and based on his directions we will continue with the arbitration proceedings.”
Application to halt arbitration hearing
In June 2019, Nii Amanor Dodoo filed an application in court to halt an arbitration hearing with shareholders of the defunct bank.
The application filed by lawyers for the Receiver, Nii Amanor Dodoo of Accounting firm KPMG, was asking the court to also make a determination on the previous ruling which directed the case for arbitration.
The Receiver referred the matter to court after owners of Unibank sought to challenge the bank’s liquidation by the Bank of Ghana.
A former Justice of the Supreme Court, Professor Justice Samuel Date-Bah, who was appointed by the Commercial Division of the Accra High Court to arbitrate in the case of the defunct uniBank, had written to the parties involved in the matter to appear before him on Wednesday, June 19, 2019.
The appearance of the 16 shareholders, the receiver of the bank, Nii Amanor Dodoo, and the Attorney-General will allow Prof. Justice Date-Bah, as the sole arbitrator, to determine whether or not the revocation of uniBank’s class-one banking licence by the central bank was done in accordance with the tenets of the law.
The Accra High Court presided over by Justice Jenifer Dadzie, referred the matters contained in a counter-claim filed by lawyers for Dr Kwabena Duffour II, one of the 16 shareholders of the bank, for arbitration.
The counter-claim argued that the revocation of uniBank’s licence was illegal.
The court, pursuant to provisions of Act 930, referred the matter of the revocation to arbitration and appointed Prof. Justice Date-Bah as the sole arbitrator on May 17, 2019.
The court indicated that its decision to appoint an arbitrator did not, however, stop it from adjudicating on the other counter-claims.
Have your say
More Business Headlines
- IMF boss Largade resigns
- PDS urged to use data analytics to improve customer satisfaction
- Businesses urged to respond, deal with issues of sexual harassment
- Land litigations and insurance
- Govt, AGI others urged to raise $5b for AfCFTA
- Factory pollution: EPA shuts down one factory, one other still operating
- Nominees for GUBA Awards USA 2019 announced
- Ghana Post, McDan Shipping, Others honoured at Ghana Shippers Awards 2019
- Free Zones Authority holds 2019 investment promotion in China
- New Dubai Chamber website provides key business insights
- IMF places Ghana on Post Program Monitoring as debt reaches over $1bn
- New face of the Bank of England's £50 note is revealed
- Zimbabwe’s inflation hits 175% in June
- U.S. proposes barring big tech firms from offering financial services, digital currencies
- GT Bank named best bank in Africa at Euromoney Awards