President of Groupe Ndoum, Dr Nana Kweku Ndoum, has said the company and the Ndoum family were shocked by the revocation of GN Savings and Loans' licence, insisting that the institution had met all regulatory requirements at the time.

Speaking on JoyNews' Newsfile programme on Saturday while discussing the recent Court of Appeal ruling in favour of GN Savings and Loans, Dr Ndoum, son of businessman and politician Papa Kwesi Ndoum, maintained that the group's banking business was solvent before regulatory actions were taken against it.

According to him, GN Bank, which was first downgraded to a savings-and-loan company, was solvent. A move, he said, significantly affected the institution's operations.

He stated that the downgraded company subsequently complied with all requirements imposed during the transition process and was therefore taken aback when its licence was later revoked.

"It was actually on the advice of the Bank of Ghana that we were reclassified as a loan and savings institution, and there were a number of requirements that obligators are to fulfil.

"We were very diligent in meeting those requirements, and we have made significant progress within the eight months between the reclassification and verification, so it came as a shock to us when we heard the license had been revoked," he added.

Dr Ndoum's comments come days after the Court of Appeal ruled in favour of Groupe Ndoum in its seven-year legal challenge against the Bank of Ghana and the High Court's actions taken against its financial institutions.