The three-member panel justices held that of the the decision to revoke the license was unfair and unreasonable.
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.
“Any third party party interest created shall be determined on good faith of third parties and case by case basis,” the Court of Appeal added.
The decision of the court effectively leads to the restoration of the license of GN Savings and Loans Company Limited.
More soon.
