Revocation of uniCredit license: Court of Appeal describes BoG’s decision unlawful

The Court of Appeal today declared as unlawful the decision by the Bank of Ghana to revoke the license of uniCredit Savings and Loans.

In a unanimous decision, the Court, quashed the revocation of the savings and loans firm’s license which was contained in the Bank of Ghana’s notice, dated 16th August 2019.

The decision of the Court of Appeal chaired by Justice Suubaareh with Justice Merley Afua Wood and Justice Janapare A. Bartels as panel members was delivered on Thursday, July 7, 2022.

The revocation of uniCredit license was contained in Bank of Ghana’s notice dated 16th August 2019.

The Human Rights Division of the Accra High Court presided over by Justice Gifty Adjei Addo had in 2020 dismissed an application for Judicial Review filed by HODA Holding against the Central Bank, following the revocation of the operating license.

Dissatisfied with the decision, lawyers of uniCredit filed an appeal against the judgment of the High Court, hence the latest verdict.



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