Respect Nduom Injunction —Court tells BoG


An Accra High Court has warned lawyers for the Bank of Ghana (BoG) not to do anything to undermine the current injunction suit against the revocation of the license of GN Savings and Loans Company Limited.


The judge, Justice Koomson, who gave the caution last week Friday, said due to a pending application, all action or processes being undertaken must be put on hold till a determination of the injunction.


He further directed lawyers of the BoG and the other defendants who include the Finance Minister, Ken Ofori-Atta, to file their responses and legal arguments within eight days.


The Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, and two others filed an injunction suit to compel the Bank of Ghana to restore the license of GN Savings and Loans while the two battle in court over the license revocation.


In the application, the applicants were 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; Coconut Grove Beach Resort and Groupe Nduom Limited were also 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 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 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.


The case has been adjourned to the 19th of September 2019.




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