The Supreme Court has granted an application for the stay of execution of the Court of Appeal’s judgment restoring banking licenses to GN Savings and Loans Company Ltd pending the determination of appeal.
The Court of Appeal by a unanimous decision in May quashed the High Court’s ruling which upheld the revocation of GN Savings and Loans licence, effectively restoring the licence.
The Court also directed the receiver to hand over possession, management and control of the assets and other activities of the bank to shareholders of the company.
The Central Bank however challenged the Court of Appeal’s decision and filed an application to stay the execution of the order pending the hearing and determination of the appeal.
A five-member panel of Justices chaired by Chief Justice Paul Baffoe-Bonnie on Tuesday held that there are still substantial issues to be determined and it is proper to stay the execution of the orders of the Court of Appeal.
In a related matter, the Court of Appeal on June 16 struck out a motion to stay the execution of its decision directing the Receiver to hand over possession, management and control of the assets and other activities of the bank to shareholders of the company.
More soon…
By Laud Adu-Asare
