Chairman of Groupe Nduom, Dr Papa Kwesi Nduom and shareholders of defunct GN Savings and Loans have written to the Receiver of the defunct Savings and Loans companies requesting a meeting over the progress made so far in paying depositors funds.

Dr Ndoum through his solicitor - Justice Srem-Sai, ESQ in a letter dated March 4, 2020, said the meeting with the Receiver will discuss issues such as the particulars – name, category of investment and amounts of the customers or depositors who have put in claims for their monies.

The shareholders are also requesting the details of what the receiver has been able to pay out to the customers or depositors who have put in such claims.

The letter states “we will be grateful if you could, without equivocation, agree to have us and our Clients for a meeting to discuss the following issues with you:
a. The particulars - name, category of investment and amounts- of the customers or depositors who have put in claims for their monies;”
b. The details of what you have been able to pay out to the customers or depositors who have put in such claims; and”
c. The details of loans and other credits that you have been able to collecting from debtors since August 16, 2019;”
d. The statement of GN Savings and Loans' financial position as at February 29, 2020; and
e. Any other related issue or information.”

We will be available for such a meeting during the working hours of any day from Wednesday, March 11 through to Tuesday, March 31, 2020.”

Suit

Dr. Papa Kwesi Nduom, has sued the Bank of Ghana and three others over the revocation of the license of GN Savings and Loans Company Limited.

The suit which was filed jointly by Coconut Grove Beach Resort and Conference Centre Limited and Groupe Nduom (GN) Limited, is challenging the decision of the central bank to declare GN Savings and Loans Company insolvent leading to the revocation of its operating license.

According to Dr Ndoum, several government agencies owed them and the BoG cannot turn around to revoke their license.

Reliefs

Among the reliefs being sought by Dr Nduom include a declaration that by failing to take into accounts the indebtedness of the government of Ghana and its MDAs to Groupe Nduom, Gold Coast Advisors Limited or GN Bank before concluding that the savings and loans company was insolvent and consequently revoking its specialised deposit-taking licence, violates their rights.

He also want an order of certiorari, quashing the decision in the notice issued by BoG which declared GN Savings and Loans Company insolvent and consequently revoked its licence to operate as a specialised deposit-taking institution.

The suit is seeking an order on BoG to restore to the company its licence to enable it to continue operating as a specialised deposit-taking institution.

It also wants an order on the receiver of the company “to submit the possession, management or control of the assets, operations and other activities of the company to its shareholders or persons who, immediately before August 16, 2019, were in possession, management or control of such assets, operations and activities.”