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Courtroom orders arbitration on uniBank

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Seventeen shareholders of the defunct uniBank, the Receiver of the bank, Nii Amanor Dodoo, and the Legal professional-Basic (A-G) will look just before an arbitrator to settle whether or not or not the placement of the lender in receivership breached the law.

This follows an buy by the Business Division of the Accra Superior Court docket, presided more than by Justice Jennifer Abena Dadzie.

The court docket upheld a counterclaim by the shareholders of the bank demanding the Lender of Ghana’s (BoG’s) decision to revoke the banking licence of uniBank and put it in receivership, declaring it ought to be listened to by an arbitrator, as stipulated in the Bank and Specialised Deposit-Using Institutions Act, 2016 (Act 930).

Consequently, it has appointed Prof. Justice Samuel Kofi Day-Bah, a retired Justice of the Supreme Court, as the arbitrator.

Courtroom scenario not around 
The ruling by the courtroom does not, nonetheless, quit it from adjudicating on the other counterclaims, as the presiding judge held that the court docket would hear other reliefs in the counterclaims that did not tumble less than the ambit of Act 930. 

It was the considered check out of the court docket that not all the reliefs in the counterclaim specifically challenged the revocation of uniBank’s licence and the appointment of the receiver.

The explained the reliefs provided a declaration that the receiver did not have the ideal to “interfere with the sanctity of any contract or transaction entered into among uniBank and any of its customers or shareholders”.

Another relief is an buy for standard, punitive and exemplary damages.

The ruling by the court was as a result of an software filed by the receiver urging the court docket to dismiss the entire counterclaim by the shareholders.

Legal professionals for the applicant argued that the counterclaims ended up an endeavor by the shareholders to delay the hearing of a suit filed by the receiver versus them and that the shareholders understood that the correct discussion board for their motion was arbitration.

Justice Dadzie, even so, turned down the argument that all the reliefs in the counterclaim need to be established by arbitration.

“I reject the assertion of the applicant that because a better part of the pleadings and counterclaim of the respondents challenged the appointment of the receiver or the actions of the Bathroom, the total counterclaim of the respondent must be struck out,” she held.

Suit and counterclaim 
On September 4, 2018, the receiver of the uniBank sued the 17 shareholders for allegedly breaching their fiduciary duties as administrators of the bank and, in the system, making the bank incur a GH¢5.7 billion personal debt, main to its collapse.

The plaintiff, appropriately, prayed the Significant Court to keep the 17 defendants jointly liable for all the decline uniBank Ghana Minimal experienced endured.

The shareholders involve Dr Kwabena Duffuor, HODA Holdings Ltd, HODAProperties Ltd, Built-in Qualities Ltd, Alban Logistics Ltd, Starlife Assurance, Bolton Portfolio Ltd and Dr Kwabena Duffuor II.

The relaxation are Opoku Gyamfi Boateng, Prof. Newman Kwadwo-Kusi, Owusu Ansah Awere, Ekow Nyarko Dadzie-Dennis, Clifford Duke Mettle, Boatemaa Kakra Duffour-Nyarko, Kofi Kyereh Darkwah, Nana Boakye Asafu-Adjaye and Alex Gaddiel Buabeng.

The defendants denied all the allegations, and on October 12, 2018, a few of them submitted a counterclaim accusing the plaintiff of certain infractions and, therefore, looking for specified reliefs.

Dr Duffuor II, Prof. Kwadwo-Kusi and Ms Duffuor-Nyarko, in the counterclaim, accused Nii Dodoo of issuing a faulty report, main to the collapse of the bank.





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