Skip to main content

UniBank case referred to arbitration

The court however says the unibank case is not frivolous
An Accra High Court has referred part of the case between the shareholders and the Receiver of uniBank for arbitration.

The appointment of an arbitrator by the judge, Justice Jennifer Abena Dadzie, follows an application by the Receiver of the bank, Nii Amanor Dodoo, to dismiss the counterclaim of some of the shareholders of the bank to those he filed.

However the court said unibank case is not frivolous.

The Receiver, in his application, prayed the court to strike out the amended statement of defence and counterclaim of three of the shareholders.

He said the pleadings by the defendants are an abuse of the court’s processes and attempt to delay the fair resolution of the dispute, which is “very simple as it involves recovery of sums of money which have been allegedly taken out of the accounts of uniBank, which is now in receivership.”

The Receiver of defunct uniBank sued the founder of the bank, Dr Kwabena Duffuor and 16 others to pay GH¢5,712,623,145 which was allegedly misappropriated.

In a suit filed at an Accra High Court, the Receiver, Nii Amanor Dodoo, who is a senior partner at KPMG, is seeking an order of the court against Dr. Duffuor and 16 others with links to the defunct bank to repay the huge amount of money.

The plaintiff averred that all the 17 defendants, who are all directors, shareholders and debtors of the once vibrant uniBank, engaged in illegal transactions by giving out unlawful loans and advances, as well as illegal acquisition of assets in the name of related interests or persons related to the shareholders.

The shareholders then filed statement of defence and a counterclaim denying the allegations levelled against them and sought some remedies from the court.

They were seeking a declaration that the entire procedure culminating in the purported appointment of KPMG as an official administrator is unlawful, illegal and contrary to the prevailing and acceptable practice and custom of the banking industry, among others.

But the Receiver, in his application, prayed the court to dismiss the whole counterclaim of the respondents and part of their statement of defence, which are offending.

Justice Dadzie, in her ruling, struck out part of the counterclaim, saying it did not in any way address the matter before the court.

She, however, stayed all the pleadings of the defendants in their statement of defence for the parties to go for arbitration.

The court subsequently appointed a retired Supreme Court judge, Professor Justice Samuel Kofi Date-Bah, as the arbitrator.
Source: dailyguidenetwork.com

Comments

Post a Comment

Popular posts from this blog

Invest your profits back into farming - COCOBOD boss to Cocoa Farmers

Joseph Boahen Aidoo is Chief Executive Officer of COCOBOD The Chief Executive Officer of the Ghana Cocoa Board (COCOBOD), Joseph Boahen Aidoo, has charged cocoa farmers to be business minded in operating their farms and to partake fully in the various programmes introduced by COCOBOD to ensure good farm yields and to increase profits. "Good farming practices, like pruning, the timely application of fertilizers and proper pests control are essential at all times," he said. Joseph Boahen Aidoo stated this while interacting with farmers in the Ashanti and Brong Ahafo Regions, on the first day of his week-long tour of cocoa farms across the county. He was accompanied by the Deputy Chief Executive of Operations at COCOBOD, Dr Emmanuel Opoku, as well, as Directors and Research Scientists from COCOBOD. The tour is aimed at assessing the level of farmer participation in the various farm productivity improvement programmes implemented by COCOBOD; it is also...
Post a Comment
Read more

Dogboe takes time off boxing

Isaac Dogboe Isaac Dogboe's journey in the pugilistic sport is far from over, even though he is to take a lengthy break. The 24-year-old will remain in the sport but will take time off and resume his university education, he has exclusively confirmed to Joy Sports. The former world champion gained admission to the Penster University last year but had deferred studies due to the demands of his boxing career. This decision to return to school comes after a one-on-one meeting with his father, Paul, who led his corner on the night of his humiliating loss to WBO super bantamweight champion, Emmanuel Navarette. "I am good and glad I was not injured. It's rather unfortunate I couldn't win the bout and I guess sometimes these things happen. I am grateful to all for the massive support for this bout,” he told Joy Sports in Arizona. He mentions that he will take time off to get himself back into school, and re-strategize to make a return to the ...
Post a Comment
Read more

Atwima Nwabiagya North NPP:Assibey warned over premature campaign

A group in the ruling party calling itself G rass   root campaigners of NPP  in the  A twima  N wabiagya  N orth  Constituenc y has drawn the  attention  of the National, Regional and Constituency executives  to warn  the 2012 independent Parliamentary candidate  Lawyer Di cks on Osei Assibey to desist from campaigning and declaring his intentions to be the parliamentary candidate of Atwima Nwabiagya North Constituency in 2024  on the ticket of the NPP . According to the group, Lawyer Dickson Osei Assibey    on Saturday 1 st   May , 2021   me t  more than 85 Polling station executives and party faithfuls  to lunch his bid to contest for parliamentary primaries in 2023. This  was organized by the two Electoral Area coordinators in the area . In a letter signed by the President of the Grass root Campaigners Marfo Kwabena Sakyi , it said  campaigning for parliamentary candidate position can ...
Post a Comment
Read more