Court dismisses stay of proceedings application against uniCredit

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A stay of proceedings application filed against HODA Holdings by the Bank of Ghana, has been dismissed by the Court of Appeal on Tuesday July 21.

The Court also awarded a cost of GHS2,000 against the central bank in favour of HODA Holdings.

uniCredit wants the court to set aside the regulator’s licence revocation action.

On May 20, 2020, the Human Rights Division of the Accra High Court presided over by Justice Gifty Agyei Addo dismissed an application by the BoG seeking to halt proceedings in a case initiated against it by HODA Holdings.

The dismissal of the BoG application paves the way for the hearing of the substantive case filed by HODA Holdings to commence at the High Court on 23 July 2020.

In September last year, the Vacation Court in Accra dismissed an application filed by the lawyers of the Bank of Ghana (BoG) which prayed the court to strike out a suit filed by uniCredit in which the financial institution is challenging the central bank’s revocation of its operational licence.

Source: Laudbusiness.com

 

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