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    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    2023 #CitiBusinessOlympics: Defending champions GCB retains title

    Check out some lively photos from 2023 #CitiBusinessOlympics

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    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    Thousands to participate in 2023 #CitiBusinessOlympics today

    Vodafone Ghana’s commitment to SMEs shines at Business Runway 2023

    SMEs must incentivize staff to unlock full potential – Access Bank Board Chair

    Rock of the Future: Chairman of Atlantic Lithium Neil Herbert (l) presents a sample of Lithium ore to MIIF CEO Edward Nana Yaw Koranteng. Demand for Lithium is set to quadruple over the next ten years due to the accelera- tion in the production of Electronic Vehicles (EVs).

    MIIF to invest an initial $32.9 million into Ghana’s first lithium mine

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    Govt. urged to commit more investments to enhance AI competencies

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GN Savings & Loans case: Ndoum urges court to reject BoG, Receiver’s evidence

May 22, 2020
in Banking And Finance, Top Stories
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Lawyers for Dr. Papa Kwesi Ndoum have asked the High Court to reject the evidence being relied on by the Bank of Ghana and the Receiver of GN Savings & Loans justifying their decision to revoke the license of the financial institution.

According to the lawyers, some documents filed by the defendants such as their affidavits which contain their averments were not signed by the appropriate people.

The lead lawyer, Justice Srem Sai, in the application also raised concerns with some documents which he says pertains to GN Bank and not the savings and loans company.

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The application at the High Court was made in the ongoing case by Dr. Papa Kwesi Ndoum and some shareholders of GN Savings and Loans challenging the decision of the BoG to revoke their operating license.

In his statement of claim, Dr. Nduom insisted that GN Savings and Loans was in good standing despite being declared insolvent by the central bank.

He said government infrastructure project portfolio was in excess of GHS2.2 billion, more than the company’s liabilities.

He 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 GHS600 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 thus asked the court to rule that the failure of the BoG to consider that indebtedness of the government of Ghana and its MDAs to Groupe Nduom before declaring GN Savings and Loans to be insolvent, constitutes a violation of his rights, that of Groupe Nduom and Coconut Grove Resort.

Source: Fred Tettey Djabanor
Tags: Dr. Papa Kwesi NdoumGN Savings & LoansGroupe Nduom
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