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General News of Tuesday, 21 August 2018

Source: Graphic.com.gh

Kwabena Duffour sues BoG over uniBank license revocation

Dr Kwabena Duffour, a shareholder of the defunct uniBank Ghana Limited, has initiated a fight to reclaim uniBank, which the Bank of Ghana (BoG) on August 1, 2018, collapsed along with four other banks on grounds of insolvency.

The Bank of Ghana on August 1, 2018 merged five banks into a Consolidated Bank of Ghana Limited with the explanation that investigations had established that the five banks were insolvent.

The banks are BEIGE, Sovereign, Construction, UniBank and Royal Bank.

However, through his lawyer, Professor Raymond A. Atuguba of Atuguba and Associates, Dr Kwabena Duffuor has filed a suit against the Bank of Ghana over the revocation of the license of uniBank.

Dr Duffour, who is a former Minister of Finance and also a former Governor of the Bank of Ghana wants the High Court in Accra to order the Bank of Ghana to give him back his bank.

In the suit filed on Monday August 20, 2018, Dr Duffour is asking for an order of injunction restraining the Bank of Ghana from expropriating uniBank by its purported vesting of “good assets and liabilities” in Consolidated Bank Ghana Limited.

Other reliefs are that, he wants a declaration that the license purportedly granted to the Consolidated Bank Ghana Limited was not granted in accordance with Act 930 and therefore is "null and void."

He is also seeking a declaration that the “good assets and liabilities of uniBank, including deposits of depositors, cannot be lawfully vested in Consolidated Bank Ghana Limited.

Filing the suit together with Integrated Properties Limited of Top Base in Gbawe, Accra, as plaintiffs, Dr Duffuor also wants an order of injunction restraining the Bank of Ghana from "arbitrary and capriciously impairing almost the entire loan book, including debts of Government and quasi-Government institutions and shareholders’s advances in the accounts of uniBank to justify its purported revocation of the license of uniBank."

He further wants a declaration that the purported revocation of the license constitutes unlawful expropriation of the property of the Plaintiffs and other shareholders of uniBank in breach of Articles 18 and 20 of the 1992 Constitution of Ghana.



He is also asking for an order of mandatory injunction requiring the Bank of Ghana to restore uniBank to private management and shareholding and any other reliefs which the court deems fit or considers just.