Nduom Speaks After GN Savings and Loans' License Restored: “A Very Good Political Environment”
- Papa Kwesi Nduom has reacted to the Court of Appeal restoring the operating licence of GN Savings and Loans
- The ruling overturned both the Bank of Ghana’s revocation and an earlier High Court ruling that upheld it.
- The court further ruled that the decision to withdraw the licence was unfair and unreasonable
Ghana’s top stories, now easier to find. Discover our new search feature!
Head of Groupe Nduom Papa Kwesi Nduom has reflected on the long journey towards getting the license of his financial institution, GN Savings and Loans, restored.
He told the press it had been a difficult seven years after the May 21 judgment at the appeals court went his way.
Source: UGC
Graphic Online reported that a three-member panel of the second-highest court quashed the decision of the High Court, which upheld the revocation of the license on the grounds that the decision to revoke the license was unfair and unreasonable.
Nduom thanked his employees and family for their support during the legal battle.
"We had some very loyal and hardworking employees who have stood with us all these years.”
Nduom also said he had a lot to say on the matter, but said he would hold his tongue in the meantime.
He, however, hinted at how his struggles over the last few years were politically motivated.
“We are in a very good political environment. That environment has brought about a wind of change... we will now play our part in making sure this country achieves the level of prosperity."
GN Savings and Loans was previously a bank but was reclassified in January 2019 amid some turbulence and financial struggles.
In August 2019, the Bank of Ghana revoked the company’s licence as part of the broader financial sector clean-up.
Following the revocation, Groupe Nduom challenged the decision at the High Court in Accra.
However, on January 24, 2024, the High Court upheld the Bank of Ghana’s decision to revoke the licence.
Nduom calls on government to pay his companies
Ndoum earlier claimed that the government still owes two of his companies and other subsidiaries over GH¢7 billion.
Nduom, the owner of the defunct Gold Coast Fund Management Company, now BlackShield, called on the government to reimburse contractors who borrowed money from Groupe Ndoum.
One of the companies under the Groupe Nduom won a GH¢174 million judgment against Health Network Company Limited.
In 2004, the government has announced the release of GH¢700 million to customers whose funds have been locked up in various fund management companies whose licenses have been withdrawn.
Aggrieved Blackshield Funds Management customers are notably among the expected beneficiaries.
This amount represents the first tranche of a total of GH¢1.5 billion allocation indicated in the 2024 mid-year budget review.
Ndoum petitions Mahama on GN bank issues
Earlier, YEN.com.gh reported that the Nduom paid a courtesy call on then-candidate for president, John Mahama, ahead of his election victory.
During the visit, he petitioned Mahama to restore the license of his GN Savings and Loans if elected.
Source: YEN.com.gh
