BoG’s appeal in GN Savings & Loans case dismissed; ordered to justify license revocation

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The Court of Appeal on Monday, June 22, 2020, dismissed an appeal by the Bank of Ghana, which challenged the jurisdiction of the High Court is hearing the suit filed by GN Savings and Loans over the revocation of its license.

BoG had argued that the High Court has no jurisdiction to hear the complaint challenging the revocation of GN Savings and Loans’ license.

It argued that the only lawful forum for resolving the GN Savings concerns is the Ghana Arbitration Centre.

However, the High Court dismissed its application in December 2019; thereby compelling the BoG to seek redress at the Court of Appeal.

Dismissal

Ruling on BoG’s appeal on Monday, the Court of Appeal unanimously dismissed the application, and directed BOG to go back to the High Court and justify the revocation of the license of GN Savings.

Lawyer for GN Savings, Justice Srem-Sai, expressed concern about BoG’s legal gymnastics, which he said are all aimed at stalling the case and thereby perverting the course of justice.

The court was presided over by Justice Ackah Yensu with Justices L.L. Mensah and Anthony Oppong.

Background

In October 2019, BoG and the Attorney-General raised a preliminary legal objection to the case brought by Dr Papa Kwesi Nduom and two other shareholders of GN Savings and Loans Limited.

In the objection, the BoG and the Attorney-General argued that the High Court has no jurisdiction to hear the complaint which is challenging the revocation of GN Saving’ licence.

According to the Attorney-General and the Bank of Ghana’s lawyers, the only lawful forum for resolving the Applicants’ concerns is the Ghana Arbitration Centre.

This argument was opposed by Mr Srem-Sai.

In December 2019, the Presiding High Court judge, Justice Gifty Adjei-Addo, dismissed the legal objection as frivolous and without merit.

She then ordered the BoG, the Attorney-General and the Receiver of GN Savings to file their defences by January 17, 2020.

The BoG and the Attorney-General failed to file their defence on January 17, 2020 as directed by the court.

Rather, BoG appealed the High Court’s decision. It also filed an application at the High Court for a stay of the High Court’s proceedings pending the determination of the appeal.

Lawyers for Dr. Nduom again opposed the application for stay of proceedings, arguing that it was a mere ploy to delay the proceedings as the BoG has not demonstrated that some exceptional circumstances exist to justify a stay.

The application for stay of proceedings was accordingly dismissed as without merit.

By this time the case had reached mid-March 2020.

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Further Orders

The trial judge then ordered all the parties to file their defences and a closing address by April 13, 2020, but the BoG and Attorney-General failed to do so.

While still yet to file a defence to the substantive case in the High Court, the lawyers for the BoG rather appealed to the Court of Appeal against the High Court’s ruling which dismissed their application for stay of proceedings.

While all this was going on, the lawyers of the Bank of Ghana had not taken any steps to prosecute their first appeal.

For example, they failed to attend the High Court Registrar’s summons to settle the records of appeal. They also failed to satisfy the conditions of appeal which was served on them way back in February 2020.

Fed up with the delays and evasiveness of the Bank of Ghana’s lawyers, the High Court Registrar wrote to the Court of Appeal Registrar and recommended that the Court of Appeal should strike out the entire appeal for abuse of the court process.

 

Source: CNR

About Post Author

Ellis Ferdinand

Ellis Ferdinand is the Founder of Education Ghana Media Network ,a parent Company of EducationGhana.net ,an Online Education News Blog and Education Television, an Online Digital Television Channel. Ellis Ferdinand is a Graduate of Accra College of Education and the University of Cape Coast respectively, where he obtained a Diploma In Basic Education and a Bachelor of Education in Accounting. Awards Ellis Ferdinand won Blogger of the Year at the 2018 National Students’ Awards and was also adjudged 14th Best Ghanain Blogger in 2018 among Top 50 Ghanaian Bloggers of 2018. He introduced the Concept of Education Blogging in Ghana in 2014 with his famous blog EducationGhana.net. His Blog won Best Media Promoting Education in 2017, 2018 and 2019 respectively, an Award organized by Neogenics Education Consult. In 2019, He was adjudged the Most Promising West African Blogger of the Year in Nigeria.
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