The Court of Appeal has unanimously restored the licence of GN Savings and Loans Company Limited after overturning an earlier High Court ruling that upheld the revocation of the company’s operating licence.
A three-member panel of the appellate court ruled that the decision to revoke the licence was unfair and unreasonable, leading to the quashing of both the revocation and the High Court’s affirmation of the action.
The court further directed the receiver to return possession, management, control of assets, and all operational activities of the company to its shareholders.
Source: Joynews
