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Court dismisses Bank of Ghana case against uniCredit, fines the central bank GH¢3000

September 26, 2019 1:16 PM

The Vacation Court in Accra, Ghana has dismissed an application by lawyers of the Bank of Ghana (BoG) seeking the court to strike out uniCredit case challenging the BoGs letter revoking its operational licence.

uniCredit Ghana Limited

This comes after the uniCredit filed an application for judicial review in the nature of Certiorari

after the Central Bank revoked its licence.

Before the case could be heard, the BoG through its lawyers filed an application asking the court to strike out uniCredit application.

It was the case of the BoG that, the applicant (uniCredit) per its case against the BoG did not properly invoke the jurisdiction of the court.

It contended that the grievances of uniCredit were to have started at arbitration and not the court.

But the court which was presided over by Justice George Koomson noted that the said applicant (uniCredit) has properly invoked the jurisdiction of the court.

Justice George Koomson said the jurisdiction of the court was not wrongly invoked as per the argument of lawyers of BoG and that, what the applicant (uniCredit) is alleging that the BoG breach natural justice in revoking its licence is a case that the court has the mandate to hear.

The court, hence, fined the central bank some GH¢3000