2019
HIGH COURT
GHANA
CORAM
AI Generated Summary
The Bank of Ghana revoked the Plaintiff's banking license and appointed Nii Amanor Dodoo as Receiver to recover the company's assets. Applicants sought an interlocutory injunction to prevent the Receiver from taking over certain properties, alleging conflict of interest. The court analyzed the requirements for granting an injunction, including the establishment of a legal right, irreparable harm, and balance of convenience. The court concluded that the Applicants did not meet the criteria and declined the interlocutory injunction, allowing the Receiver to continue his duties.
On the 1st of August, 2018, the Bank of Ghana revoked the license of Plaintiff, a body that had hitherto been licensed by the same Bank of Ghana to operate as a Bank in the year 2000, and placed Plaintiff under the receivership of Nii Amanor Dodoo.
The Receiver sought to recover what he deems to be properties and other assets of Plaintiff together with any profit, benefit, gain or interest that he alleges has been acquired or begotten by the Defendants in the performance of their fiduciary duties to the Plaintiff company to act with utmost good faith, in the best interest of Plaintiff, and to preserve its assets among others.
What has precipitated this Application for Interlocutory Injunction is what the Applicants claim to be the Receiver’s attempt to take possession and recover a property at East Ridge, by giving out a letter dated the 16th of September, 2019 to the occupants, Topp Security Services, to move out of the property.
The 2nd, 3rd, 5th, 7th and 8th Defendants/Applicants by this application, seek an order of interlocutory injunction to restrain the Plaintiff and or the Receiver, ‘Nii Amanoo Dodoo from purporting to hold himself as receiver of Unibank, his assigns, agents, representatives and all those claiming through him from engagement in any conduct or acts such as any process to take over, possess, transfer, dispose of any property, assets howsoever described the property of Unibank Ghana Ltd. including property situate at East Ridge Residential Area, Accra belonging to Defendants/Applicants pending the final determination of the instant suit’’In the Affidavit in support of the application deposed to by the 8th Defendant/Applicant, Dr. Kwabena Duffour II, the Applicants state that with the revocation of the license of the Respondent Bank by Bank of Ghana, Nii Amanor Dodoo, a senior partner of KPMG, who had been acting as an official Administrator, was also appointed as the Receiver, the same person according to the Applicants, who had authored a report and recommended the revocation of the license, is the one who has been appointed as the Receiver, raising matters of conflict of interest and defying basic principles of law, ethics and minimum standards of equity and fairness.
Applicants further contend that, the Respondent had earlier filed a writ at the High Court, and in an application to strike out their counterclaim, the court dismissed part and referred other parts of the matter for arbitration.
That the Respondent has appealed ag