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Court of Appeal orders restoration of license of GN Savings and Loans.
The Court of Appeal has unanimously quashed the High Court's decision, which upheld the revocation of the license of GN Savings and Loans Company Limited.
The three-member panel justices held that 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 interest created shall be determined in good faith by third parties on a 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.
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