- Bank of Ghana (BoG) has revoked the license of GN Savings owned by Dr. Papa Kwesi Nduom
- The closing down of the company was mainly due to mismanagement of funds
- Details seen by YEN.com.gh revealed how Ndoum used the funds to finance his other companies
- Some of the funds were also lost to loan defaulters
- Ndoum had suffered a similar fate earlier when his GN Bank was reduced to a savings and loans entity
Fresh details gathered by YEN.com.gh have it that Ndoum’s GN Savings was closed down by Bank of Ghana basically because of finance mismanagement.
In a document seen by YEN.com.gh on social media, funds from the Savings company were used to sponsor the running of Ndoum’s other companies.
Again, some of the money had been locked-up with loan defaulters who have not been able to pay up.
Some of the funds, YEN.com.gh learnt, had also been used to settle investors of Gold Coast Security, and Gold Coast Fund Management Limited.
The document stated further that some of the funds were used to fund government road projects, and they still have not been paid back.
Meanwhile 22 other financial entities have also had their licenses to operate revoked by BoG.
These include Ideal Finance, First Trust Savings and Loans, Milands Savings and Loans, Unicredit Savings and Loans, Women’s World Banking Savings and Loans, and many others.
In an earlier report by YEN.com.gh, the reasons for revoking their licenses were laid out.
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