The founder of Groupe Nduom Papa Kwesi Nduom has denied the central bank's claim that he transferred $62 million of customers’ funds to a foreign firm without documentation.
He said the monies were used to pay for items purchased from the firm – International Business Solutions (IBS) – and all the necessary documentation were adequately provided.
In a new video message, Dr Nduom explained “if Fresh Pak imports raw materials, we send Fresh Pak money to pay. If any of our companies, ask for something - say Coconut Groove needs some new towels, bedsheets – when they are brought to Ghana by IBS then Coconut Groove which would have money with GN Bank or GN Savings will transfer money to get those items paid for
“And before GN bank came, we were transferring monies to pay for goods and services received from the same IBS,” he said.
The Bank of Ghana (BoG) last Friday announced the revocation of the licenses of some 23 insolvent savings and loans and finance house companies including GN Savings and Loans Ltd, one of the many companies owned by Dr Nduom.
He said the BoG has all the documents for every pesewa transferred out of Ghana and there was absolutely nothing wrong with engaging in international business.
“So don’t let anybody fool you. Don’t let anyone come and tell us untruth so that they can throw dust in the eyes of the general public who don’t know what is done.
“Let us just make sure that we know where we are and where we have been and that whatever challenge that is there we will overcome it,” he added.
Dr Nduom urged Ghanaians not to lose hope and promised to deal with the situation.
In order to deal with it, however, he said “we can only deal with it if we are all together, we understand the facts, if we are able to explain our actions to everyone and let people know that we have done things with the best of governance practices and we have done things using our foundation which is one based on our faith,” he said quoting Jeremiah 9:11 vs 1.”
“We should all have hope that there will be a future and hat future will be a positive one,” he added.
Latest Stories
-
Seven killed in sleep after Ethiopia building collapses
2 mins -
Fitch affirms ETI at B-; Outlook stable
1 hour -
Pictures: Bawumia meets Pope Francis
1 hour -
Former Bibiani GoldStars midfielder Frank Adjei Jr continues fine form in Swedish League
1 hour -
J.B. Dankwah Adu’s murder: Court orders Daniel Asiedu to open his defence
1 hour -
Marrakech 2024: Five para-athletes to represent Ghana in WPA Grand Prix in Morocco
2 hours -
U.S Senate approves bill to ban TikTok
2 hours -
T-Pain involved in hit-and-run, warns culprit he’ll find them
2 hours -
Cedi hits GH¢14.00 to a dollar; depreciates 12.08%
2 hours -
Major portions of Kasoa-Winneba road to open to traffic in 8 months
2 hours -
Delta Air Lines to fly Airbus A330-900neo on nonstop service from Accra to New York effective October 27, 2024
2 hours -
Kwadaso onion traders reject new location, express fear over future eviction
2 hours -
Pensions: 81% of pensioners had benefit shortfalls in 2020 – Abdallah Mashud
2 hours -
All Regional Games: Torch relay ceremony hits Oti Region
2 hours -
CSO calls for immediate removal of COCOBOD CEO from office
2 hours