Audio By Carbonatix
The Progressive People's Party (PPP) says the attack against its founder Dr Paa Kwasi Nduom is a face-saving exercise by government spearheaded by Central Bank Governor, Dr Ernest Addison.
According to the party, several businesses owned by the Dr Nduom - who doubles as President of Groupe Nduom - including his bank were negatively impacted during the financial sector clean-up under President Akufo-Addo.
A few months ago, an equity fund and securities investment company based in the United States, Birim Group LLC, brought charges against Dr Papa Kwesi Nduom.
In a writ sighted by myjoyonline, Groupe Nduom, the umbrella company for 60 other businesses owned by Dr Nduom is being accused of laundering a total of $63,000,000.
“The Nduom family defendants, by and through their ownership, control and use of defendants GN Bank, Gold Coast Fund Management and over 60 undercapitalised interrelated companies, collected several million dollars of depositor’s saving, investment contributions and insurance premiums, and in violation of U.S. and Ghana laws illegally laundered approximately $63,000,000 of depositors’ funds through its Virginia-based sham ‘procurement and consulting service’ company, International Business Solutions,” it stated.
But the Ghanaian-based business conglomerate, Groupe Nduom is fighting off these claims describing the arguments advanced by the plaintiffs as a mere political smear.
In a motion filed to dismiss the case, Groupe Nduom posited that the complainant’s legal action is a mere attempt to denigrate their reputation through the courts.
This assertion has been supported by the Progressive People's Party (PPP), which he founded.
The PPP indicated that the "suit is evidence out there that the BoG's exercise in the financial sector reform was not a witch-hunting exercise especially in relation to GN Bank."
The political party, further alleges the suit is the work of some government actors on a face-saving mission and also distract the #FixTheCountry movement.
“This second wave of vicious attacks against the person of Dr. Nduom is a face-saving exercise for a botched and politically motivated financial sector reform. It is also to divert attention from the FixTheCountry campaign led by the youth of Ghana. The incessant attacks on Dr. Nduom are not in the best interest of the Republic of Ghana,” part of the release from the PPP read.
Latest Stories
-
Gov’t to open enrolment for affordable homes under National Homeownership Fund
3 minutes -
Cashew farmers remind Mahama to fulfil promise to establish Cashew Development Board
10 minutes -
National Ambulance Service moves to acquire 400 new ambulances and 500 motorbikes
16 minutes -
Gov’t urges Ghanaian pilgrims to defer travel over Middle East tensions
22 minutes -
Ghana to create the largest converging centre for mineral discussions
28 minutes -
11 foreigners face trial over counterfeit dollar operation in Ga South
34 minutes -
GRIDCo chief leads team to inspect Genser’s Prestea Gas facility
41 minutes -
Minority Leader links push for cocoa price review to J.B. Danquah’s legacy
47 minutes -
Koforidua: Woman found guilty of manslaughter after pouring acid on boyfriend
53 minutes -
Ayawaso East voters to elect a new MP today
57 minutes -
Fire destroys shops at Kasoa Market as officers attacked during response
60 minutes -
Minority introduces bill to tighten fiscal discipline in Ghana
1 hour -
NCCE calls for peaceful conduct of Ayawaso East by-election on Tuesday
1 hour -
Ghana’s nuclear projects in limbo; face delays over funding gap for critical studies
1 hour -
Mahama urges African countries to deepen commitment to African Court on Human and Peoples’ Rights
1 hour
