The Chairman and CEO Groupe Nduom, Dr Papa Kwesi Nduom has reacted to the Bank of Ghana’s decision to revoke the license of his company, GN Savings Limited, and 22 others.
The Bank of Ghana has revoked the licences of twenty-three (23) insolvent savings and loans companies and finance house companies.
These actions were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent. The Bank of Ghana has also appointed Mr. Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.
Reacting to this in a statement, Dr Nduom said he has not received any official communication from the BoG.
According to the statement, “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). We are aware that the MoF has previously confirmed that balances due to GN Savings and other related parties are far in excess of the amounts quoted in the communication from the BoG".
“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" the statement said further.
Source: Peacefmonline.com
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Kofi, I don't you really understand and appreciate the kind of thing Paa Kweis Nduom used the GN Bank to do. The Central Regional House of Chiefs will not rise to his defense. The investigative agencies should work swiftly to provide the AG with enough evidence to prosecute anybody who is found culpable in the banking crises, and where the state has to confiscate private properties of the directors of collapsed banks and Savings and Loans, it should be done swiftly. Paa Kwesi just used GN Bank to mobilize funds from the public to fund his wasteful lifestyle. The Laws of Ghana should be made to work. The white color criminals are all over the place.
Bank of GHANA accused GN BANK OF TRANSFERRING $62 MILLION TO A USA BANK WITHOUT RECOURSE TO BANK OF GHANA LAWS.
Then the BOG as an institution should be closed down because you have people whose duty it is to ensure compliance and this reckless mess happened right under their noses! SO what was BOG monitoring? And quite bizarrely people are still keeping their jobs at BOG!
The Bank of Ghana should be congratulated for ensuring that only the Savings and Loans companies which adhere to the country’s financial and banking regulations are allowed to operate, However, in performing this and other duties, the Bank of Ghana must exercise maximum discretion. If the GN Finance and Savings company’s claim that the Bank of Ghana did not communicate its decision to suspend, to the company and by inference to the other Savings and Loans companies before suspending these companies and subsequently publishing the decision, then obviously this is a cause for concern. The question one would ask is: HOW MUCH DUE DILIGENCE WAS EXERCISED BY THE BANK OF GHANA? If the Bank of Ghana has decided to publish details of the ‘misdeeds’ and non-performance by the various Savings and Loans companies, surely the Bank of Ghana is duty bound to explain in detail what measures it took to assist the affected companies in order to prevent the current situation? Customers of these companies and the Ghanaian public deserve answers. By the way, if the Bank of Ghana persists in gleefully publishing full details of the ‘misdeeds’ of these companies no one should be surprised if one day details of the job appraisals of Bank of Ghana officials and even their academic performance appear on social media! Beware of ‘Reality TV mentality’. Please do not throw respected banking protocols and norms to the wind.
Nduom is the Ghanaian version of Madoff. The guy is a conman and I am surprised he is not in jail. He formed multiple companies and all he does is move innocent peoples money from one company to the other. He intentionally formed so many companies to make it difficult to track. None of his company is doing well. He siphoned the savings and send it to IBC in the USA. This guy needs to be arrested
I don't think Dr. Paa Kwesi Nduom is being treated fairly; the Central Regional House of Chief must rise up! The Cape Coast Omanhene and Edina Omanhene must take the lead. The government and for that matter the Minister of Finance has admitted they owe Dr. Nduom's company. With the poverty situation in the Central region and this man (Dr. Nduom) single-handedly created jobs and even extending to other regions of the country. Central Region rise up!!!!
Please Peace FM I want some clarification from BOG communique that Gold Coast Fund Management is now called Blackshield Capital Management.