BoG case against UniCredit dismissed, slapped with GHc3000 cost

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

UniCredit after the Central Bank revoked its license, filed an application for judicial review in the nature of Certiorari.

They were asking the court to quash the decision of the Central Bank which revoked its license.

But before that case could be heard, the BoG through its lawyers filed an application asking the court to strike out UniCredit's 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 Commercial Division of the Accra High Court presided over by Justice George Koomson in its ruling said the applicant (UniCredit) has properly invoked the jurisdiction of the court.

The court 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 license is a case that the court has the mandate to hear.

A cost of GHc3000 was subsequently slapped against BoG.