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Seventeen shareholders of the late UniBank, the Bank's receiver, Nii Amanor Dodoo, and the Attorney General (A-G) will appear before an arbitrator to determine whether the sequestered bank's placement breached the law.
This follows an order from the commercial division of the High Court of Accra, presided over by Judge Jennifer Abena Dadzie.
The court upheld a counterclaim against bank shareholders challenging the Bank of Ghana's (BoG) decision to revoke and lock up the UniBank banking license, stating that it had to be heard by an arbitrator, as stipulated in the bank and the specialized repository. Education Institutions Act, 2016 (Law 930).
As a result, he appointed the arbitrator, Judge Samuel Kofi Date-Bah, retired judge of the Supreme Court.
Case not completed
However, the court's decision does not preclude it from ruling on the other counterclaims, the presiding judge ruled that the court would hear further reparations in counterclaims that were not covered by Law 930.
The court found that all the reparations in the counterclaim did not directly contest the revocation of the uniBank license and the appointment of the receiver.
These reliefs included a statement that the receiver was not entitled "to interfere with the sanctity of any contract or transaction between uniBank and any of its customers or shareholders".
Another remedy is an order for general, punitive and exemplary damages.
The court's decision was made following an application by the receiver asking the court to dismiss the counterclaim as a whole.
Counsel for the applicant argued that the counterclaims were an attempt by the shareholders to delay the hearing of an action brought by the receiver against them and that the shareholders knew that the proceeding appropriate for their action was arbitration.
Dadzie J., however, rejected the argument that all adjustments to the counterclaim must be determined by arbitration.
"I reject the Applicant's badertion that, to the extent that more of the Pleadings and Counterclaims of the Defendants challenge the appointment of the Receiver or the actions of the BoG, the Counterclaim of the Respondent should be struck off, "she concluded.
Suit and counterclaim
On September 4, 2018, the receiver of the uniBank Bank sued the 17 shareholders for allegedly breaching their fiduciary duties as directors of the bank and, in doing so, incurred a debt of $ 5.7 billion. GH ¢, causing its collapse.
As a result, the plaintiff asked the High Court to hold the 17 defendants jointly and severally liable for all the losses suffered by uniBank Ghana Limited.
Shareholders include: Kwabena Duffuor, HODA Holdings Ltd., HODAProperties Ltd., Integrated Properties Ltd., Alban Logistics Ltd., Starlife Assurance, Bolton Portfolio Ltd. and Mr. Kwabena Duffuor II.
The other members are Opoku Gyamfi Boateng, Professor Newman Kwadwo-Kusi, Mr. Owusu Ansah Awere, Mr. Ekow Nyarko Dadzie-Dennis, Mr. Clifford Duke Mettle, Mr. Kukra Duffour-Nyarko, Kofi Kyereh Darkwah, Ms. Nana Boakye- Adjaye and Mrs. Soumah.
The defendants denied all the allegations and, on 12 October 2018, three of them filed a counterclaim accusing the applicant of certain offenses and therefore requesting certain reliefs.
Dr. Duffuor II, Professor Kwadwo-Kusi and Ms. Duffuor-Nyarko, in the counterclaim, accused Nii Dodoo of publishing a faulty report, which resulted in the bankruptcy of the bank.
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