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Nduom sues BoG, wants restoration of GN Savings and Loans license

Chairman of Groupe Nduom (GN), Dr Papa Kwesi Nduom, has sued the central bank demanding it restores the licence of GN Savings and Loans.

Others attached to the suit are Finance Minister, Ken Ofori-Atta; Attorney General, Gloria Akuffo and the receiver of GN Savings and Loans Eric Nana Nipah.

Dr Nduom has argued that GN Savings is not only solvent but would be highly liquid if the Finance Ministry and other government agencies quickly pay amounts owed them. 

In a press release hours after the central bank closed down GN Saving and Loans and 22 others, he debunked claims by the Bank of Ghana that his company was not solvent as reasons for the action. 

“If these documents are indeed genuine, the statements within regarding GN Savings are wildly inaccurate. Given the detailed information provided to the BoG nearly a year ago, these statements are inconsistent with our discussions with both the BoG and the Ministry of Finance (MoF),” he said. 

ALSO READ: Dr Nduom releases list of 4200 firms, individuals owing him GHc423m

“Our position is that GN Savings is not the only solvent, but would be highly liquid if the MoF simply ordered itself and other government agencies to quickly pay amounts owed to GN Savings and other related entities. We expect this matter to be resolved in due course.”

Meanwhile, as part of the processes initiated by the President and Chairman of Groupe Nduom (GN), Dr Papa Kwesi Nduom through the Gold Coast Fund Management (GCFM) in court to recover investment funds and pay aggrieved customers of their locked-up investments, a list of companies and individuals indebted to GCFM was released on August 29, 2019.

The list includes construction companies and top firms in different sectors of the economy. Senior High Schools such as O’Reilly have been also captured in the list with a debt of over GHc3.5 million.

Credit: JOY FM

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Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

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