[2018]DLHC4152 • December 21, 2018 • High Court
DR. KWABENA DUFFOUR AND ANOTHER vs. BANK OF GHANA
Plaintiffs, shareholders of UniBank, challenged the Bank of Ghana's actions including the revocation of UniBank's license, vesting of its 'good assets and liabilities' in Consolidated Bank Ghana Limited (CBG), and impairment of UniBank's loan book. The Bank of Ghana had appointed KPMG as Official Administrator to rehabilitate UniBank following findings of severe capital inadequacy. Plaintiffs alleged constitutional violations and unlawful expropriation of property rights by the Bank of Ghana.
read moreOn 6th September 2018, Counsel for the Defendantl Applicant (Defendant) filed a Motion on Notice to set aside the Plaintiffs'/Respondents' Writ of Summons and Statement of Claim. Per the endorsement on the Plaintiffs' Writ of Summons filed on 20th August, 2018 and the Amended Statement of Claim filed on 27th August 2018, these are the reliefs sought: i. An Order of injunction restraining the Defendant from expropriating UniBank by its purported vesting of "good assets and liabilities" ofUniBank in Consolidated Bank Ghana Limited and the revocation of the license ofUniBank; ii. A declaration that the license purportedly granted to the Consolidated Bank Ghana Limited was not granted in accordance with Act 930 and is null and void; iii. A declaration, consequent to (ii) above, that the "good assets and liabilities" of UniBank, including deposits of depositors, cannot be lawfully vested in Consolidated Bank Ghana Limited; iv. An order of injunction restraining the Defendant from arbi...