GN Savings Case… Defendant  Served In court 


Presiding Judge, Justice George Koomson, has, for the second time, adjourned the case involving GN Savings and Loans Company Limited and Bank of Ghana (BoG).  


This was because the lawyers of the defendant, who is the new owner of GN Savings, Eric Nana Nipa, yesterday contended in court that their client had not been served with the suit.


This was in contrast to the substitution service rendered by the Bailiff when he could not locate the whereabouts of the defendant.


Despite the substitute serving the defendant, his lawyers indicated that they had not seen the notice.


However, Counsel for the defendant, Philip Addison, earlier said his client intended to apply for the court to set aside the order of substituted service so the court was waiting for the application to set aside.


Notwithstanding, the judge then directed that the defendant be served at the court. He was then duly served.


The defendant was, therefore, given two days to study the summons and appear in court tomorrow, Thursday, September 26, 2019 to open his defence.


It would be recalled that the Chairman of Groupe Nduom, Papa Kwesi Nduom, and two others filed an injunction suit to compel the Bank of Ghana (BoG) to restore the license of GN Savings and Loans while the two battle in court over the license revocation.


In the application, the applicants are seeking an order from the court to keep the Receiver of GN Savings and Loans from “further interfering directly or indirectly with the rights of [the firm’s] shareholders, directors and management…to control the business activities of GN Savings and Loans pending the determination” of the case.


Dr Nduom is captured as the first applicant; while Coconut Grove Beach Resort and Groupe Nduom Limited are listed as 2nd and 3rd applicants in the case.


Earlier, Dr Nduom sued the central bank demanding the restoration of the license of GN Savings and Loans.


His contention was that GN Savings and Loans was not only solvent but would be highly liquid if the ministry of finance and other government agencies had paid amounts owed them.


Dr Nduom in a statement after the closure of GN Saving and Loans and 22 others discounted the claims by the BoG that GN Savings and Loans was not solvent as reasons for the action.


“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),” he said.


“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,” he added.





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