COURT SAYS RECEIVER OF UNIBANK BREACHED LAWS
The Commercial Court in Accra has declared the appointment of Nii Amanor Dodoo as receiver of uniBank Ghana limited as a breach of the of the Specialized Deposit-Taking Institutions Act (Act 930).
Making the declaration Thursday 24th June, 2021, the court presided by Justice Afi Agbanu-Kudemor, also ruled that Mr. Amanor Dodoo’s acceptance of the job is in breach of the Act.
The court held that Nii Amanor Dodoo ought not to have accepted the appointment as receiver when he acted as a member of the team of accountants from KPMG, who were appointed by Bank of Ghana, as the official administrator of uniBank.
In that regard, the court ruled that Dodoo’s acceptance of the appointment manifested a clear case of ‘conflict of interest’ and, therefore, illegal.
The court subsequently struck out all matters on the docket regarding the case. It granted an application by Dr Kwabena Duffuor to strike out a writ of summons issued by the receiver for illegality and a consequent lack of capacity in the takeover of Unibank. After the hearing, lawyers for Dr. Kwabena Duffuor declined to comment.
Background
On August 1, 2018, the Bank of Ghana announced the consolidation of five indigenous banks to into Consolidated Bank Ghana.
The five collapsed banks included unibank Ghana Ltd, The Royal Bank LTD, Beige Bank LTD, Sovereign Bank LTD, and Construction Bank Ltd.
They were described as insolvent and therefore not capable to operate. Official Administrator, KPMG, in the course of its audit discovered that about ¢5.7 billion was owed by shareholders of uniBank as of March 20, 2018. The GHS5.7 billion was the focus of a previous suit by Nii Amanor Dodoo who was acting as the Receiver.
