A stay of proceedings application filed by the Bank of Ghana (BoG) against the uniCredit has on Tuesday May 26 been thrown out by the Human Rights Division of the Accra High Court presided over by Justice Gifty Agyei Addo.
This paves the way for the substantive case to be heard by the court.
The BoG has been given 14 days to file their statement of case and response to the substantive matter.
The central bank was challenging the decision of the High Court that dismissed their claim earlier that the High Court lacked jurisdiction to hear the action instituted by HODA Holdings.
HODA Holdings Limited in August 2019 sued Dr Ernest Addison and the BoG for revoking the license of the company.
HODA Holdings told the court that its funds of over GHS 54 million were locked up with Unibank before it was forced to cease operations by the central bank in 2018 and it has since been trying to retrieve it.
Hoda Holdings wants “An Order of Certiorari directed at the 1st and 2nd Respondents to bring up to this Honourable Court for the purpose of being Quashed the Notice Dated the 15th day of August 2019 declaring Unicredit Ghana Limited insolvent and revoking the license of Unicredit Ghana Limited to operate as a Specialized Deposit-taking Institution.
“An Order of Interlocutory Injunction restraining the Respondents, their agents, assigns, privies hirelings or otherwise howsoever described from interfering with the Operations of Unicredit Ghana Limited and to refer the Subject matter of the Instant Application to Arbitration.”