Accra, May 21, GNA – The Court of Appeal on Thursday unanimously ordered the restoration of the License of GN Savings and Loans Company Limited.
The three-member panel set aside the ruling of the High Court that earlier upheld the revocation of the company’s license.
The Court of Appeal said the revocation was unfair and unreasonable and, therefore, upheld the decision of the High Court.
The Court of Appeal directed the Receiver, Eric Nana Nipa, to hand over possession, Management and control of assets and other activities to shareholders of the Company.
In 2019, GN Savings and Loans had its license revoked as part of the banking sector clean up.
It proceeded to court following the revocation of its license.
GNA
Edited by Agnes Boye-Doe
Reporter: Joyce Danso