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Business News of Friday, 25 June 2021


Receiver’s takeover of Unibank a breach of Act 930 – Court

uniBank uniBank

The appointment of Nii Amanor Dodoo as receiver of Unibank Ghana limited is a breach of the law, the Court has said.

The court said the decision was a breach of specialized deposit-taking institutions act (act 930).

The court made the declaration Thursday, June 24, 2021.

The court presided over by Justice Afi Agbanu-Kudemor also said the Receiver should not to have accepted the appointment as receiver when he acted as a member of the team of accountants from KPMG who were appointed by BOG as the official administrator of Unibank as his acceptance of the appointment was a clear case of conflict of interest and therefore illegal.
Meanwhile, Mr Nii Amanor Dodoo has said he will appeal the court ruling.

In a short statement reacting to the ruling, Mr Amanor Dodoo said “I have taken note of the ruling of the Commercial Court, which has declared my appointment as the Receiver of uniBank Ghana Limited, as illegal.

“I disagree with the ruling and have instructed my lawyers to appeal. “

Sources close to the Bank of Ghan (BoG) and the Reciver said they find the court’s ruling surprising as it is completely inconsistent with the ruling rendered by another High Court a couple of days ago on the same issue of the validity of Mr. Nii Amanor Dodoo’s appointment as Receiver for uniBank.

It would be recalled that earlier this week, an Accra High Court ruled that the Receiver of defunct uniBank, Nii Amanor Dodoo, could testify in the criminal trial of the bank’s founder, Dr. Kwabena Duffour, and other officials.

A Court of Appeal Judge who was hearing the matter as an additional High Court judge dismissed an objection from Dr. Duffuor and others challenging the validity of Mr. Dodoo’s appointment by Bank of Ghana as Receiver of uniBank and ruled that Mr. Dodoo’s appointment was not at variance with Act 930 and he could therefore testify against the accused persons.