GN Savings and Loans owned by Dr Papa Kwesi Nduom is heading to court to seek redress following the revocation of its license to operate.
The BoG last Friday revoked the licences of GN Savings and Loans and 22 other insolvent savings and loans companies and finance house companies citing various infractions and violations of Acts governing their operations.
The BoG explained among other reasons that "of particular interest are the funds totaling GH¢761.55 million that GN Bank as it then was, placed with its sister companies Ghana Growth Fund (Gold Coast Advisors) and Gold Coast Fund Management Limited (now Blackshield Capital Management), both licensed by the Securities and Exchange Commission. Some of these funds were used by the two related parties to pay their customers whose investments with them had matured, while some were also used to fund road and other contractors, who claim to have worked on Government projects."
It is important to note that the IPCs claimed by GN are not supported by transactions that were entered into directly by GN and such contractors or Government and its entities. They reflect transactions entered into by Ghana Growth Fund or Gold Coast Fund Management with these contractors using funds taken from GN under circumstances that violated prudential norms.
Speaking on Monday’s edition of Peace FM's morning show ‘Kokrokoo’, Vice President of Groupe Nduom, Nana Ofori Owusu described BoG’s action as a ‘travesty of justice’ and further indicated the company’s intention of going to court.
“We are going to court . . . the team is working on it and somewhere in the middle of this week, we are going to court,” he indicated.
Source: Peacefmonline.com
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Nduom ee your: We're going to ourt. we're going to court is distubing our ears. We have heard this aaa since this crises begun. What at all is the distance between your offices and the nearest court? If the court you intend to present your case was as far as the Ghana-Burkina border koraa you would have reached by now. Charlie do the needful and pay us our investments and stop this laasilaasi for there.
My advice to Nduom Group is to accept defeat for their own mistakes. Kwabena Duffour tried the court and nothing good has come out of it, even his Unicredit too has collapsed. The GN savings and loans is the one that suffered and not the other Group Nduom. The news going round is that the money purported to be owed by Government in favour of GN savings and loans cannot make it solvent even if it had been paid. Group Nduom should note that in business every entity is treated as different. If Government is owing say Gold Coast Securities you cannot easily conclude that it could have help GN savings and Loans because they are two separate entities which can sue and be sued.
And this man wanted to be president, oh Ghana.
Bash, you are implying that bc Nduom campaigned for them, BOG should not hold him accountable?
Go and campaign for them again.
My advice to Nduom, please, instruct your other companies to sue government for all the monies owed them with interest. And the interest alone can make you more money than putting up factories.
Nana Addo closed down nduom's because he feels uncomfortable with nduom's success.
What about our huge investments with Nduoms GCFM? SEC should not cover Nduom because because we're suffering too much over his inability to pay us our investments with him since last OCtober 2018
What transaction did the Ministry of Finance do with GN Bank.