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Court of Appeal throws out BoG application against GN Savings

Court of Appeal throws out BoG application against GN Savings

The Court of Appeal has dismissed an application filed by the Bank of Ghana (BoG), which was challenging the jurisdiction of the High Court in the case of GN Savings and Loans company.

The Court of Appeal, presided over by Justice Ackah Yensu with Justices L.L. Mensah and Anthony Oppong, unanimously dismissed the regulator’s application on Monday, 22 June 2020.

The lawyer for GN Savings, Justice Srem-Sai, expressed concern about BoG’s legal gymnastics, which, in his view, aimed at stalling the case and thereby perverting the course of justice.

The central bank argued that the High Court has no jurisdiction to hear the complaint which is challenging the revocation of GN Savings’ licence.

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, BoG and the Attorney General argued that the High Court had no jurisdiction to hear the complaint, which is challenging the revocation of GN Savings’ 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.

Source: ClassFMonline.com

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