Court orders Bank of Ghana to hold on with moves to collapse Nduom’s GN Savings and Loans Company

The Accra High Court in Ghana has directed the Bank of Ghana (BoG) to hold on with its move to collapse the operations of the GN Savings and Loans Company Limited.

Dr Ernest Addison, Bank of Ghana Governor

The court urged the BoG among other respondents not to act in a way that will jeopardise the outcome of an application for an interlocutory injunction on the revocation of the licence of the company.

Mr Justice George Koomson, who is presiding over the case, said: “all acts and processes being undertaken as part of moves by the BoG to hand over the operations of the company to a receiver must be put on hold until the final determination of the injunction application.”

The court also gave the defendants eight days to file their response and legal arguments.

The next hearing according to the court will continue on Thursday, September 19, 2019.

Background

The Chairman of Groupe Nduom (GN), Dr Papa Kwesi Nduom recently sued the BoG, the Minister of Finance, the Attorney-General and the Receiver of GN Savings and Loans, Mr Eric Nana Nipah for contributing to the collapse of the GN Savings and Loans Company.

Mr Nduom prayed to the High Court to direct the BoG and its agents to restore the collapsed GN Savings and Loans Company Limited to its former status.

He also wants the court to direct the BoG and its agents not to further interfere directly or indirectly with the rights of the shareholders, management and directors to the possession, management and control of GN Savings and Loans Limited’s business activities.

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