{"id":697111,"date":"2019-09-02T12:58:22","date_gmt":"2019-09-02T12:58:22","guid":{"rendered":"
\n\t\t\n

Dr. Papa Kwesi Nduom <\/strong><\/p>\n\n\n\n

The\nChairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has sued the Bank of Ghana\n(BoG) and three others over the revocation of the licence of his GN Savings and\nLoans Company Limited. <\/p>\n\n\n\n"},"modified":"2019-09-02T12:58:22","modified_gmt":"2019-09-02T12:58:22","slug":"nduom-sues-bog-3-others","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/09\/02\/nduom-sues-bog-3-others\/","title":{"rendered":"Nduom Sues BoG, 3 Others"},"content":{"rendered":"

<\/p>\n

\n

Dr. Papa Kwesi Nduom <\/strong><\/p>\n

The
\nChairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has sued the Bank of Ghana
\n(BoG) and three others over the revocation of the licence of his GN Savings and
\nLoans Company Limited. <\/p>\n

The
\nsuit, which was filed jointly by Coconut Grove Beach Resort and Conference
\nCentre Limited and Groupe Nduom (GN) Limited, is challenging the decision of
\nthe central bank to declare GN Savings and Loans Company insolvent leading to
\nthe revocation of its operating licence. <\/p>\n

The
\nsuit filed at an Accra High Court also attaches Finance Minister, Ken Ofori-Atta;
\nthe Attorney General, Gloria Akuffo; and Eric Nana Nipah, the central bank\u2019s Receiver,
\nas respondents. <\/p>\n

The
\nsuit is challenging the issue of insolvency claim by the BoG saying contrary to
\nthe central bank\u2019s claims, a fair, truthful, just and independent assessment of
\nGN Savings and Loans\u2019 books would show it was very solvent \u201cand particularly
\nthat the value of Gold Coast\u2019s government infrastructure project portfolio,
\nrunning in excess of GH\u00a22.2 billion in addition to other assets available to
\nGroupe Nduom, could support the GN Savings and Loans to far exceed the value of
\nits liabilities.\u201d <\/p>\n

According
\nto the plaintiff, several government agencies owed them and the BoG cannot turn
\naround to revoke their licence.<\/p>\n

It
\nsaid a considerable volume of the company\u2019s assets \u201care funds that it has
\ninvested either directly or through its sister company, Gold Coast, in the government\u2019s
\ninfrastructure projects as loans or advances to contractors who the government,
\nthrough its various ministries, agencies and departments (hereinafter referred
\nto as \u201cMDAs\u201d), have hired to execute such infrastructure projects.\u201d<\/p>\n

Reliefs <\/strong><\/p>\n

Among
\nthe reliefs being sought by the plaintiff include a declaration that by failing
\nto take into accounts the indebtedness of the government of Ghana and its MDAs
\nto Groupe Nduom, Gold Coast Advisors Limited or GN Bank before concluding that
\nthe savings and loans company was insolvent and, consequently, revoking its
\nspecialised deposit-taking licence violates their rights. <\/p>\n

They
\nalso want an order of certiorari, quashing the decision in the notice issued by
\nBoG which declared GN Savings and Loans Company insolvent and, consequently,
\nrevoked its licence to operate as a specialised deposit-taking institution. <\/p>\n

Again,
\nthe suit is seeking an order on BoG to restore to the company its licence to
\nenable it to continue operating as a specialised deposit-taking institution. <\/p>\n

It
\nalso wants an order on the Receiver of the company \u201cto submit the possession,
\nmanagement or control of the assets, operations and other activities of the
\ncompany to its shareholders or persons who, immediately before August 16, 2019,
\nwere in possession, management or control of such assets, operations and
\nactivities.\u201d<\/p>\n

Revocation <\/strong><\/p>\n

The
\nBank of Ghana on August 16, 2019 revoked the licences of some 23 insolvent
\nsavings and loans and finance house companies including GN Savings and Loans
\nLtd owned by Dr. Papa Kwesi Nduom.<\/p>\n

According
\nto the central bank\u2019s report, GN Savings and Loans transferred $62 million and another \u00a3718,000 to its sister company in the
\nUS without the knowledge of BoG and the Ministry of Finance.<\/p>\n

The
\nBoG, in its release announcing the closures of the said financial institutions,
\nindicated that the financial condition of the GN Savings and Loans Limited had
\ndeteriorated since its reclassification from GN Bank in 2018, with both
\nnegative capital adequacy ratio and negative net worth.<\/p>\n

It added that GN Savings and Loans Capital Adequacy Ratio (CAR) was -61% in breach of the minimum requirement of 13%.<\/p>\n

BY Gibril Abdul Razak<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Dr. Papa Kwesi Nduom The Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has sued the Bank of Ghana (BoG) and three others over the revocation of the licence of his GN Savings and Loans Company Limited. The suit, which was filed jointly by Coconut Grove Beach Resort and Conference Centre Limited and Groupe Nduom […]<\/p>\n","protected":false},"author":1,"featured_media":697112,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-697111","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"\nNduom Sues BoG, 3 Others - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/09\/02\/nduom-sues-bog-3-others\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Nduom Sues BoG, 3 Others - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr. Papa Kwesi Nduom The Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has sued the Bank of Ghana (BoG) and three others over the revocation of the licence of his GN Savings and Loans Company Limited. 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