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US lawsuit against owners of defunct GN Bank a vindication, says BoG

Two clients of the defunct GN Bank in the United States are suing Nduom and some members of his family for money laundering, wire fraud and deceit

The Bank of Ghana (BoG) says the lawsuit filed against the owners of the defunct GN Bank in the United States of America is a vindication of the work it did before the shutdown of the bank in Ghana.

Two clients of the defunct GN Bank and Gold Coast Fund Management have sued Dr Paa Kwesi Nduom in the US for defrauding them.

The two clients say they are suing Nduom and certain members of his family for shocking acts of statutory violation, money laundering, wire fraud, deceit and related criminal acts.

According to the writ seen by Asaase News, Birim Group, LLC, a California-based limited liability company, is the plaintiff in the matter, acting as assignee for valuable consideration of all rights, title, ownership and interest in and to the claims of Mavis Amanpene Sekyere, an account holder of the defendant Gold Coast Fund Management, and Nana Kwame Twum Barimah, an account holder of defendant GN Bank, Ghana.

Speaking at the 100th meeting of the Monetary Policy Committee (MPC) to announce the policy rate, Dr Ernest Addison, the Governor of the BoG, said: “This question on the GN Bank … I thought you will congratulate the Bank of Ghana for the work that was done in trying to identify the problems in that bank [GN Bank].

He added, “Many people were out there vilifying that we were on a witch-hunt but now you’ve had people outside this country suing GN Bank for the same reasons.

“So, those who thought that we didn’t have a basis for doing what we did, now the evidence is out there that what the Bank of Ghana was trying to do was the appropriate thing. And I think another lesson that can be learned is the speed with which the system in the US works …”

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