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Company News of Thursday, July 11, 2019
Source: citinewsroom.com
2019-07-11
Dr. Kwabena Duffour, President and CEO of the late Unibank
A high court in Accra has filed the Nii Amanor Dodoo case against UniBank shareholders through the escrow.
Judge Jenifer Dadzie, who presided over the meeting, ruled that Mr. Amanor Dodoo did not have the ability to issue a writ in his own name.
The judge also dismissed an injunction that blocked the arbitration process, presided over by the former judge of the Supreme Court, Judge Dateh-Baah.
Judge Abena Dadzie, who presides over the case in which the directors of uniBank dispute the revocation of the bank's license, appointed Judge Dateh Baah as sole arbitrator to determine whether the decision to place the bank in receivership was contrary to the law.
She has since asked all parties to continue the arbitration process.
The directors of uniBank, one of five banks merged by the Bank of Ghana (BoG) into Consolidated Bank Ghana Limited, are challenging the revocation of the bank's license, which they described as illegal.
The judge's decision is the latest in a series of crucial decisions by bank administrators after the court has obtained an order to join the Attorney General in the original case.
The Receiver had previously filed a motion asking the court to dismiss the counterclaim of bankruptcy attorney Yaw Oppong for the reinstatement of the license, arguing that it was "frivolous" and "unfounded" .
He also argued that the appropriate forum for dealing with license revocation issues under Bill 930 is an arbitration forum and not an ordinary litigation.
However, counsel for the bank's directors objected to this badertion, saying that even if an arbitration was the right forum to address their concerns, this did not warrant the filing of the file.
The judge accepted this argument of the lawyer, recognizing that the arbitration did not prevent the jurisdiction of the commercial court in the matter.
"If the law admits a preference for the arbitration procedure, any proceedings before the court should be suspended pending the decision of the arbitration proceedings on a request …", has the law she said.
The judge pointed out that the arbitration issues fell within the scope of Article 141 of Law 930 and included the question of the revocation of the UniBank license mentioned in the counter-claim.
The decision added that "in such cases, the authorities are clear; the court suspends proceedings relating to matters under Law 930 while the parties attempt to resolve these issues through arbitration. "
The judge suspended the proceedings before the commercial court pending the decision of the arbitrator.
Revocation of license
BoG Governor Dr. Ernest Addison announced the consolidation of uniBank with other banks on August 1, 2018, indicating that, according to information provided by the official administrator, KPMG baderted that uniBank was insolvent on the balance sheet.
"Among other things, the bank's interest income and other sources of revenue are insufficient to cover the cost of funds related to the underlying borrowings and liabilities, as well as general expenses of about 0.31 billion GH ¢ per year. . "
These claims, however, were disputed by the bank's directors.
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