On sixteenth August, 2019, Bank of Ghana gave a notification pronouncing that Unicredit Ghana Limited (essentially called 'Unicredit') was wiped out. Bank of Ghana disavowed Unicredit's permit to work as a Specialized Deposit Taking Institution. Around 22 other monetary foundations were impacted; they were proclaimed wiped out and their licenses were revoked.
[6] Hoda Holdings Ltd, as the proprietor of Unicredit, were not content with the move made by Bank of Ghana. Since Bank of Ghana is a public administrative foundation, Hoda Holdings Ltd recorded an application for legal survey at the High Court (Human Rights Division) against Bank of Ghana for disavowing Unicredit's permit. The High Court was being called upon to practice its force of legal audit to survey the choice that was taken by Bank of Ghana to repudiate Unicredit's permit. (Excuse the play on words, please.)
The justification for the application: that's what hoda Holdings Ltd expressed, Bank of Ghana was off-base in repudiating its permit in the way it did. That's what the organization expressed, Bank of Ghana didn't welcome the organization's Board of Directors and investors to hear their side of the story prior to disavowing the permit and declaring it to general society without their insight. The organization contended that the activities of Bank of Ghana were in break of the principles of normal equity, and, in this manner, unlawful.
The reliefs looked for: Hoda Holdings Ltd mentioned the High Court to give a request for certiorari to subdue the notification gave by Bank of Ghana to repudiate Unicredit's permit. It likewise requested that the court issue a directive against Bank of Ghana and its privies and allude the issues about the permit disavowal to mediation as given under the law.
The High Court's choice: that's what the High Court decided, it saw as nothing off about the manner in which Bank of Ghana repudiated Unicredit's permit.
To be continued...
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