Nduom goes to court again to halt liquidation process of GN Savings and Loans.

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Chairman of Groupe Nduom, Dr Papa Kwesi Nduom is moving fast to halt the liquidation of GN Savings and Loans.

Lawyers for Dr Ndoum have filed a motion of notice for an order of interlocutory injunction at an Accra High Court to stop the Bank of Ghana (1st respondent), the Minister of Finance (2nd respondent), the Attorney General (3rd respondent) and GN Savings and Loans – Acting by Eric Nana Nipah as Receiver (4th respondent) from going ahead with the liquidation process.

JoyBusiness understands that the application was filed at the Human Rights Courts on Monday, September 2 and his lawyers are pushing for a hearing date of September 6 2019.

The move according to sources is to ensure that they move fast to prevent the government, Bank of Ghana and the Receiver from going ahead with the liquidation process before the substantive case is heard by the court. 

Dr Ndoum is asking the court to make an order of interlocutory injunction:

1. Directing the 1st Respondent or its agents, privies, assigns or workmen however described (and including the said Messers Eric Nana Nipah, Receiver) to, forthwith, restore the 4th Respondent to its specialised deposit-taking licence pending the determination of the originating motion; and

2. Restraining the 1st Respondent or its agents, privies, assigns or workmen however described (and including the said Messers Eric Nana Nipah, Receiver), from further interfering, directly or indirectly, with the rights of the 4th Respondent’s shareholders, directors and management to possession, management and control of the 4th claim in the originating motion.

Dr Nduom earlier sued the central bank demanding it restores the licence of GN Savings and Loans.

He argued that GN Savings is not only solvent but would be highly liquid if the Finance Ministry and other government agencies quickly pay amounts owed them. 

In a press release hours after the central bank closed down GN Saving and Loans and 22 others, he debunked claims by the Bank of Ghana that his company 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.”

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