The Supreme Court in unanimity has set aside the judgement of the Court of Appeal and upheld the decision of the High Court that the revocation of the Banking licence of Unibank was done in accordance with law.
The Supreme Court presided by the learned Chief Justice, Her Ladyship Justice Gertrude Torkornoo delivered the decision of the Court in a terse speech reserving its reasons for the 12th day of July, 2024.
The then owners of the Bank, Hoda Holdings Ltd applied to the High Court for a quashing order of the decision by the Regulator, Bank of Ghana, for the revocation of the Banking licence of Unibank. The High Court dismissed the claims of Hoda Holdings Ltd. The Court of Appeal set aside the decision of the High Court and upheld claims for a quashing order directed at the decision of the Bank of Ghana.
The Supreme Court constituted by Torkornoo J.S.C, Owusu J.S.C, Prof. Mensah Bonsu J.S.C, Gaewu J.S.C, and Asare Darko J.S.C. affirmed the decision of the High Court replacing the decision of the Court of Appeal with that of the High Court.
Costs
The learned and respected Frank Davies who was with the brilliant Ace Anan Ankomah prayed for cost of a GH¢100,000. The bench which appeared uncomfortable with the amount, in the voice of the Chief Justice suggested that the now victor in the matter was the regulator and the matter had traveled some length of time.
Counsel for Hoda Holdings Ltd, the Plaintiff/Appellant/Respondent in the matter numbered J4/62/2023 disagreed with the amount. Counsel suggested that there be no cost as throughout the life of the matter, cost was never awarded. The eloquent Frank Davies forcefully resisted the claim that no cost was requested neither granted throughout the life of the matter. He thus was insistent on the amount prayed.
The court ordered the amount of GH¢20,000 against the Respondent holding company.
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