Story: Atta Kwaku  Boadi

Judgment was given in favour of Dr. Papa Kwesi Nduom, his family members and companies on April 30, 2024.  This happened at the UNITED STATES COURT OF APPEALS FOR THE FOURTH CIRCUIT

No. 23-1309

PERCIVAL PARTNERS LIMITED; REIPLO HOLDINGS, LLC, Plaintiffs – Appellants,

v.

PAPA KWESI Nduom and others.  In the matter of Appeal from the United States District Court for the Eastern District of Virginia, at Alexandria. Rossie David Alston, Jr., District Judge. (1:22-cv-00016-RDA-WEF)

The case was argued on December 7, 2023; and decided on April 30, 2024 Before THACKER, HARRIS, and RICHARDSON, Circuit Judges.

The first plaintiff, Percival Partners, is headquartered in Ghana. The second, REIPLO, stood in the shoes of an unnamed Ghanaian-American investor. But as the district court explained, the plaintiffs did not allege that this unnamed investor “lives or holds her assets in the United States” rather than Ghana, and regardless, that assignor, like Percival Partners, invested funds in Ghana with Gold Coast, a Ghanaian entity. 

So why did the plaintiffs run to the court in the USA?  It is clear that all GN Bank and BlackShield/Gold Coast customers should have joined with the companies to lobby and put pressure on the Akufo-Addo Administration and the Ministry of Finance led by former Minister, Ken Ofori-Atta to pay the debts owned to government project contractors to save the companies and preserve Ghanaian jobs.  Rather, they bought into a false narrative and ran to the courts in the USA and Ghana as if the shareholders had absconded with their deposits.

Independent observers have told Today that they now see through the propaganda spewed out there by some government institutions that Groupe Nduom companies had illegally shipped customer funds from Ghana to the USA.  

Groupe Nduom has repeatedly put it out there that it is the Government of Ghana, its agencies and some contractors who hold the funds of customers.  Instead of the customers assisting by demanding that government pays its debts, some of them resorted to the law courts.  

Readers will  recall the words of the man removed from office as Finance Minister recently, Ken Ofori-Atta , who during the COVID pandemic said, “illiquidity leads to insolvency”.  This,  Today  recalls made many speculate that the Ministry of Finance deliberately withheld payments from Dr. Nduom’s companies to make them insolvent and cause their closure.  

According to a leading New Patriotic Party(NPP) member, he regrets what his party has allowed the current administration to do, adding, “To add insult to injury, some of the same state institutions rather pursued GN companies to other countries only to find that they were chasing their own shadows.  There was nothing to find there.  Government of Ghana is and has always been the holder of customer funds.  Now we know.”

This latest win in a USA court, Today understands, has strengthened the resolve of Dr. Nduom, that he will receive justice in the GN Bank and BlackShield/Gold Coast cases filed against various Ghanaian organizations in international courts including USA courts for justice; in addition to appealing to courts in Ghana.

In addition to state agencies, the international lawyers have strongly suggested to Groupe Nduom and Dr. Nduom to sue individuals who in personal and official capacities have caused damages, financial losses and personal harm including death to some employees and customers.