- The Commercial Division of the Accra High Court has dismissed an application by the Bank of Ghana to set aside a counterclaim by Ato Essien, founder of the defunct Capital Bank
- The court then gave Essien permission to challenge the revocation of Capital Bank's license by the Bank of Ghana
- According to the court, there was no merit in the Bank's application to stop the counterclaim from Essien
Our Manifesto: This is what YEN.com.gh believes in
Accra High Court’s Commercial Division has given Ato Essien, founder of the defunct Capital Bank, the green light to challenge the revocation of the bank’s operating license by the Bank of Ghana (BoG).
The move comes after dismissal of BoG’s application which sought to plead with the court to set aside a counterclaim by Essien.
The counterclaim sought to challenge a suit filed against him and 15 other shareholders of the defunct bank with respect to their alleged roles in the collapse.
READ ALSO: African Development Bank gives Ghana $69 million to combat COVID-19
The court, presided over by Justice George Koomson, ruled that there was no merit in BoG’s application to stop Essien’s counterclaim.
A report by classfmonline.com shows the ruling has led to the determination of two suits.
One of the suits is by the defunct bank, which is represented by the Receiver, which is an attempt to recover over GHc837 million from the shareholders.
The other is the counterclaim by Essien, which is challenging the revocation of the operating license of the bank by the BoG.
In other news, the Bank of Ghana (BoG) has been slapped with a GHc2,000 cost by the Court of Appeal.
This comes after the court dismissed its case against HODA Holdings after uniCredit Savings and Loans’ licence had been revoked.
HODA Holdings, the parent company of uniCredit Savings and Loans, then took the BoG to court to challenge the revocation of the licence.
READ ALSO: We did not collapse banks owned by Duffuor and Nduom - Danquah Institute
Read the best news on Ghana #1 news app. Install our latest app for Android and read the best news about Ghana
Want to be featured on YEN.com.gh? Send us a message on our Facebook page or on Instagram with your stories, photos or videos