The mother company of Unicredit Savings and Loans Company – Hoda Holdings Limited has sued Dr Ernest Addison and the Bank of Ghana for revoking the license of the company.
In the company’s affidavit filed at the Human Rights Division of the High Court on Monday, Hoda Holdings said its funds of over GHS 54 million were locked up with Unibank before it was forced to cease operations by the central bank in 2018 and it has since been trying to retrieve it.
Hoda Holdings wants “An Order of Certiorari directed at the 1st and 2nd Respondents to bring up to this Hnourable Court for the purpose of being Quashed the Notice Dated the 15th day of August, 2019 declaring Unicredit Ghana Limited insolvent and revoking the license of Unicredit Ghana Limited to operate as a Specilized Deposit taking Institution.
An Order of Intelocutory 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 the Subject matter of the Instant Application to Arbitration.”
Shareholders
In a statement earlier, the shareholders of UniCredit said “ uniCredit had at all material times in our engagements with the Regulators drawn their attention to this difficulty. The efforts of the Board and Management to retrieve the said funds yielded no positive results.
Again, the BoG further sighted the exposure of uniCredit to uniSecurities as a core reason for the revocation. It must be pointed out that during onsite examination by officials of BoG, the institution was directed to reduce the exposure by getting a collateral to secure the total investments and exposure with uniSecurities. This was duly complied with and the relevant details provided to the Regulator.”
The statement concludes that, “The Shareholders, Board and Management have always cooperated with the Regulator to fashion out a solution to deal with the liquidity challenge and also other regulatory benchmarks. It was the expectation of the Shareholders, Board and Management that the solution was going to help deal with customers’ withdrawal demands and also secure the jobs of 600 direct employees.”
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