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    AfCFTA members conclude negotiations on rules of origin to enhance free trade

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    ‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah

    Airport workers call for sanctioning of operators who flout regulations

    Hospitality industry players confident of a rebound in business this year

    Tema ECG invests over GH¢3M into system improvement efforts

    Mobile money association of Ghana petitions minority to reject E-levy

    Three startups begin incubation at Ho Node Hub

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    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Fuel prices to go up as Price Stabilisation and Recovery levy is restored

    Rate of increase in value of MoMo transactions dipped in 2021

    IEA calls for changes in current inflation targeting structure

    Bank of Ghana maintains policy rate at 14.5%

    Kwamina Bentsi Enchill Duker appointed as 1st CEO of Development Bank Ghana

    Cedi depreciation pushes debt to almost GH¢345 billion in Nov; 78.4% of GDP

    Expect another fuel price hike in February – IES

    Too many tax policy inconsistencies worrying – Tax Analyst

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    Telco’s committed to March deadline for sim registration exercise – Dr. Ken Ashigbey

    Works of extension of a road

    MTN to sue road contractors for fibre cuts

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    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

    South African president calls for increased trade with Ghana

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High Court adjourns Unicredit’s case against BoG to September 19th 2019

byLawrence Segbefia
September 2, 2019
in Banking And Finance
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The High Court has adjourned the suit involving the shareholders of defunct Unicredit savings and Loans company limited and the Bank of Ghana over the revocation of the license of the company.

The court adjourned the case to 19th September.

This follows the inability of the Bank of Ghana to serve lawyers of Unicredit with a motion they have filed relating to the case.

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The presiding Judge, Justice George Kingsley Koomson asked that both parties serve each other with all the processes in other to expedite the hearing.

The shareholders of Unicredit , Hoda Holdings and CDH sued the Bank of Ghana and its governor, Dr. Ernest Addison after the central bank revoked the license of the company.

The shareholders of Unicredit want the court to quash the Bank of Ghana’s revocation of their license which declared Unicredit as insolvent.

Background

The plaintiff is also seeking “an order of Interlocutory Injunction restraining the Respondents, their agents, assigns, privies hirelings or otherwise howsoever described from interfering with the Operations of Unicredit Ghana limited and to refer to the Subject matter of the Instant Application to Arbitration.”

In announcing the revocation of the license, the Bank of Ghana said uniCredit’s adjusted net worth was negative GH¢221.32 million as of the end of May 2019 and revealed that its paid-up capital was impaired in violation of Section 28(1) Act 930.

The BoG report also said uniCredit’s adjusted capital adequacy ratio of negative 97.83% as of the end of May 2019 was in violation of Section 29(2) of Act 930.

“This was mainly due to the non-performing related party exposures of GH¢160.10 million to uniSecurities which is far in excess of its negative net worth.

“The institution has been breaching the statutory cash reserve ratio requirement since April 2018 while also it was unable to meet the deposit withdrawals of customers due to its severe liquidity challenges. The BoG received many complaints from the institution’s customers about their inability to access their funds. And the institution had a high percentage of non-performing loans,” BoG’s report remarked.

But in his affidavit, challenging the Central Bank’s decision in court, the member of Staff of Hoda Holdings, said its funds of over GHS 54 million were locked up with Unibank before it was forced to ceased operations by the Bank of Ghana in 2018 and it has since been trying to retrieve it.

It said its other investments with subsidiaries such as Unicredit and UniSecurities have also been locked up due to the BoG’s action and is greatly affecting its operation.

Hoda Holdings is therefore seeking that the court reverses the decision by the Bank of Ghana.

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