Nduom sues BoG over revocation of GN Savings and Loans license

Nduom sues BoG over revocation of GN Savings and Loans license

Chairman of Groupe Nduom (GN), Dr Papa Kwesi Nduom, has dragged the Bank of Ghana (BoG) to court over the revocation of the licence of the GN Savings and Loans.

The embattled businessman has also sued the receiver of GN Savings and Loans Eric Nana Nipah, Finance Minister, Ken Ofori-Atta and Attorney General, Gloria Akuffo.

Dr. Nduom is demanding that the licence of the GN Savings and Loans be restored by the Central Bank.

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He holds that the Finance Ministry and other government agencies owe his institution and that the GN Savings and Loans will be solvent if those monies were paid.

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),” Dr. Nduom said in an earlier statement.

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.

The Central Bank revoked the licences of some 23 Savings and Loans companies in the country.

Among the affected financial institutions are GN Savings and Loans, First Allied Savings and Loans, Global Access Savings and Loans and Midland Savings and Loans.

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The revocation of the licences of the 23 Savings and Loans companies adds to woes of the financial sector in recent years.

However, Nduom insists the GN Savings and Loans is highly liquid and, has now resorted to court to get the BoG to restore the licence of his company.  

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Source: YEN.com.gh

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