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Bog, A-G fall short to file defence in GN Savings’ licence revocation circumstance


Dr. Papa Kwesi Nduom is the Chairperson of Groupe Nduom

The Lender of Ghana and the Attorney-Typical have unsuccessful to file a defence in the circumstance brought from them by Dr Papa Kwesi Nduom.

In the accommodate, which is nevertheless pending in the Higher Court docket in Accra, Dr Nduom accused the Financial institution of Ghana (Bathroom) and the Minister of Finance of “deliberately and maliciously suppressing” the amount of money of cash that the authorities owes GN Savings and Groupe Nduom.

It would be recalled that on August 9, 2019, the Ministry of Finance informed the Bog that the government’s overall indebtedness to Groupe Nduom was just GH¢ 30,329,483.84.

This was considerably below the GH¢629,091,335.00, which Groupe Nduom says that government owes it.

Dr Nduom led his team of corporations, to problem the revocation of GN Price savings and Loans’ licence by the Lender of Ghana.

Counsel for the applicant, Justice Srem-Sai of Archbridge Solicitors argued that the reason for suppressing the government’s indebtedness to GN Discounts was to empower Bog to get to the bogus conclusion that GN Savings was insolvent.

In an affidavit which was sworn to by Dr Nduom, it was stated that “while disputing the quite existence of the IPCs credit card debt-promises in the eyes of the general public, the Bank of Ghana has at all situations materials nicodemously demanded that GN Cost savings assign the reported IPCs to it.”

In regard of this allegation, the demo choose, Ms Justice Gifty Addo-Adjei, requested all the 3 defendants (the Lender of Ghana, the Lawyer-Common and the Receiver, Mr Eric Nana Nipah), to file their defences by January 17, 2020. As at the conclude of March, nevertheless, it was only the Receiver who had filed a defence.

Dr. Nduom is asking the Court docket to quash BoG’s revocation see and relatively restore the licence of GN Personal savings.

They are also inquiring the court docket for “an buy of injunction, restraining the other Respondents, their brokers, assigns, privies and workmen howsoever identified as or described from interfering with the possession, management or regulate of the assets, functions and other pursuits of GN Cost savings and Loans Firm Confined.”

Prepared deal with

In a 39-paged composed address in assistance of the originating motion on discover for several orders for the enforcement of the fundamental human legal rights of the candidates, counsel argued that all evidence pointed to the truth that GN Price savings was, as at the time of BoG’s conclusion, truly solvent and Bathroom did not just take into account all the suitable aspects just before concluding that GN Price savings was bancrupt.

“In this regard, the applicants contend that not only did Bog fall short to acquire into account all GN Savings’ property just before concluding on its solvency, but also that there was a malicious layout by the respondents concerning and between themselves to supress the value of GN belongings so as to enable them to arrive to the pre-decided conclusion that GN Price savings was bancrupt,” counsel submitted.

What follows from below, as a result, is a summary of some of the essential components that Bathroom and the Minister of Finance should have taken (but have, both by neglect or refusal, failed to just take) into account right before coming to a decision on GN Savings’ solvency.

According to the applicants, independent evaluation of their guides confirmed they were solvent adding that “all this notwithstanding, Bathroom, which has not conducted any recognised impartial, fair or truthful evaluation or analysis of the GN Savings’ textbooks – property and liabilities – was equipped, really bizarrely, to come to a summary that GN Discounts was bancrupt and, as a result, revoked GN Savings’ licence on August 16, 2019.”

“The Applicants’ argument, therefore, is that Lavatory has unsuccessful to conduct a correct, truthful and independent evaluation of GN Savings’ guides – matching the worth of its whole property against the price of its full liabilities. And, without a doubt, if Bathroom experienced conducted a right, real, truthful and impartial audit into the books of GN Personal savings, it would have regarded or come to the apparent summary that GN Price savings was solvent and, thus, able of conference its credit card debt obligations as at the time that Lavatory revoked its operational licence,” the address pointed out.

Counsel more submitted that by revoking the licence of GN Financial savings and likely ahead to appoint a Receiver to liquidate or wind it up with no complying with the tenets of administrative justice, and failing to get into account issues of actuality which experienced been acknowledged by the Lavatory and the Minister of Finance on their own in correspondence captured on the report, the respondents have, are or are probably to deprive the applicants their proper to the property in the GN Savings.

In accordance to the applicants, the BoG’s summary that GN Personal savings was insolvent has no foundation at law or in fact. “Rather, we have shown that the conclusion was, at most effective, reckless, fraught with stark malice and in self-evident violation of essential public regulation rules. We have showed in the affidavit and the displays connected (refer to the timetable underneath) that GN Cost savings was not only solvent, but also that it has property much additional than its total liabilities,” counsel included.

Citing authorities to buttress its argument, counsel is accordingly praying the courtroom to grant its reliefs for the reason that the applicants had amply demonstrated the respondents, who were being mandated by regulation to make sure enterprises thrived acted unfairly and capriciously leading to the reduction of 2,840 positions.

Obtain the courtroom doc down below


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