Former Finance Minister, Dr Kwabena Duffuor, has dragged the Bank of Ghana (BoG) to court over the takeover of uniBank.
Dr Kwabena Duffour, a shareholder of uniBank Ghana Limited is seeking, among others, “An order of injunction restraining the defendant from expropriating uniBank by its purported vesting of good assets and liabilities of uniBank in Consolidated Bank Ghana Limited and the revocation of the licence of uniBank.
“A declaration that the licence purportedly granted to the Consolidated Bank Ghana Limited was not granted in accordance with Act 930 and is null and void.
“A declaration, consequent to (II) above, that the ‘good assets and liabilities’ of uniBank, including deposits of depositors, cannot be lawfully vested in Consolidated Bank Ghana.
“An order of injunction restraining the defendant from arbitrarily and capriciously impairing almost the entire loan book, including debts of government and quasi-government institutions and shareholders’ advances in the accounts of uniBank, to justify its purported revocation of the licence of uniBank.
“A declaration that the purported revocation of the licence of uniBank is null and void, being breach of Articles 23 and 296 of the 1992 Constitution of the Republic of Ghana.”
In March 2018, the BoG has announced that it has appointed audit firm, KPMG as administrator for uniBank.
This means that the central bank has taken over the assets and management of uniBank.
The Central Bank after the take over appointed accounting firm KPMG to manage Unibank after it emerged that the bank was on the verge of collapsing and has breached many regulatory requirements.