Court gives BOG, others 10 days to respond to suit challenging GN savings and loans licence revocation
The High court in Accra has given the Bank of Ghana (BOG), the Attorney-General and the Receiver of GN Saving and Loans 10 days to file their responses in the suit challenging the revocation of the license of the savings and loans company.
It comes after the three failed to file their responses as expected.
Chief Executive of the defunct company, Dr Papa Kwesi Nduom, sued the Bank of Ghana; Finance Minister, Ken Ofori Atta; Attorney General, Gloria Akuffo; and Receiver for GN Savings and Loans, Eric Nana Nipah in 2019.
According to Dr Nduom, GN Savings and Loans was in good standing at a time the central bank declared it insolvent.
He said government infrastructure project portfolio was in excess of GH¢2.2 billion, more than the company’s liabilities.
Dr Nduom added that most of the company’s funds had been invested in government projects as loans and advances to contractors who government through its ministries and agencies had hired to execute various projects.
According to Dr Nduom, the government and state agencies, as of August 14, 2018, owed the company over GH¢600 million.
He argued further that the BoG and other parties failed to consider the government’s indebtedness to the company in making a determination on the company’s solvency and that constitutes a violation of rights.
He, therefore, asked the court to rule that the failure of the BoG to consider that indebtedness of the Government of Ghana and its MDAs to Group Nduom before declaring GN Savings and Loans to be insolvent, constitutes a violation of his rights, that of Group Nduom and Coconut Grove Resort.
Nduom why are you not talkIng about GCFM .You are only a happy goat for thing
Nduom is a lair the monies he claims were GN savings & loan was rather GCFM FUND he hard invested and failed to pay investors their funds and interest for the past 4 years, we will sue him for breach of trust and defrauding investors.
If you have issues and concerns with the GN Bank or the owners and have facts and figures ready, Sue them and go to Court, don’t tell us your intent on this platform. The legal system is open to you.
Ghana Government has Kidnapped our savings. We were promised full refund.
Now they get Interest Free Gov Bonds.
This is Theft. Disgracefull. No Vote come.
Why is this government so rude?It promised paying depositors their full money. Where is the money promised to be paid? This is scamming. The government need to be voted out.
Sir Rico, how to explain your fact? If truly Dr. Ndoum is liar, why do the defenders fail to file to their responses as expected? Follow issue but not party!
SEC has intervened onbehalf of the government to settle the customers of GCFM which makes Dr.Paa Kwesi Nduom not commenting for sometime about it.If the GCFM customers are not getting any positive information from SEC, why not let them go back to Dr. Nduom?.Dr. Nfuom is equally UNSYMPATHETIC TO HIS SUFFERING CUSTOMERS.He could have gradually paid out some percentage instead of Fake promisses.
WHAT IS GCFM MONIES ARE ALL INVESTED IN THE GN BANK? Ndum needs to salvage GN bank then he can retrieve all monies owed him by Govt and contractors to pay the so called GCFM or whoever he owns and I think he is on the right path
WHAT IF GCFM MONIES ARE ALL INVESTED IN THE GN BANK? Ndum needs to salvage GN bank then he can retrieve all monies owed him by Govt and contractors to pay the so called GCFM or whoever he owns and I think he is on the right path
Nduom had already diverted depositors funds n these depositors were struggling to access their own balances. Besides what makes u think nduom s tell de truth this time when he always lies his way out. Take for example when he was leaving CPP, de lies n all. Ask people who used to work there, GN had a very poor management, de ceo was interfering corporate decisions for his personal intetest
The leaders of our generation lack accountability hence will always take advantage of the poor citizen who doesn’t have any power or backing to enforce the right things to be done in this country. We are all not in normal times but head of institution like the Receiver of the collaped MFIs and S&Ls and CBG management have decided to make those of us with more than 70k lockedup by issuing 5years bonds. This doesn’t make sense at all…how do we feed our families during this difficult times. Abuse of power and wickedness towards the ordinary citizen.
This government is a failure, some of us didn’t receive alert concerning our locked up funds . It’s quite unfortunate.
Infact, Nana Addo’s Government should do something to those that their money has been locked in the collapse financial companies. After the validation, we have not been hearing anything.
Politics should be stop out of this issue. Some managers self interest, greediness, poor decision and bad attitude has landed many people to this calamity and others to death.
If it is voting then we are kids with nothing in our mind because we all no where the problem started from if really do research before we talk. Why do you use People money for long term project or investment.
What is government? In the first place
Politics has blinded the soo called educated people with mouth bragging instead telling the truth or putting out parties aside and dealing with the issue.