Business

Unicredit Suit: Court Dismisses Bog Application

The Vacation Court in Accra on Thursday, 26 September 2019 dismissed an application filed by the lawyers of the Bank of Ghana (BoG) which prayed the court to strike out a suit filed by uniCredit in which the financial institution is challenging the central bank’s revocation of its operational licence.

uniCredit wants the court to set aside the regulator’s licence revocation action.

Before the hearing of the substantive case, however, the central bank filed an application asking the court to trash the case.

The BoG argued that the applicant (uniCredit) per its case, did not properly invoke the jurisdiction of the court.

The regulator contended that uniCredit was to have started at arbitration process first.

However, the Commercial Division of the Accra High Court presided over by Justice George Koomson, in its ruling, said the uniCredit has properly invoked the jurisdiction of the court.

A cost of GHS3,000 was awarded against BoG.

UniCredit and 22 other microfinance institutions had their licences revoked recently by the Bank of Ghana.

Source: ClassFM

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