An Accra High Court has advised lawyers for the Bank of Ghana not to undermine the current injunction suit against the revocation of the licence of GN Savings and Loans.
The judge, Justice Koomson who gave the caution said due to a pending application, all action or processes being undertaken must be put on hold till a determination of the injunction.
He further directed lawyers of the Bank of Ghana and the other defendants which include the Finance Minister to file their responses and legal arguments within eight days.
The Chairman of Groupe Nduom, Papa Kwesi Nduom filed an injunction suit to compel the Bank of Ghana (BoG) to restore the license of GN Savings and Loans while the two battle in court over the license revocation.
In the application, the applicants were seeking an order from the court to keep the Reciever of GN Savings and Loans from “further interfering directly or indirectly with the rights of [the firm’s] shareholders, directors and management…to control the business activities of GN Savings and loans pending the determination” of the case
Dr. Nduom is captured as the first applicant, Coconut Grove Beach Resort and Groupe Nduom limited were also listed as 2nd and 3rd applicants in the case.
The Case has been adjourned on the 19th of September 2019.
Even if we pay GN Savings and Loans their GH¢30.33 million, it won’t solve their capital deficit – Gov’t
The government has come out to react to a press conference organised by some aggrieved residents of Elmina last week concerning the revocation of the operating license of GN Savings and Loans.
The organizers of the press conference blamed the government for the woes of GN Savings and Loans and said the government failed to honour its financial obligations to GN Savings and Loans.
The government in a statement signed by the Deputy Minister of Information, Nana Ama Dokua Asiamah-Adjei, said these assertions were misplaced.
They also said “Indeed, as at 6th August 2019, Government’s indebtedness to GN amounted only to GH¢30.33 million. An agreement has, indeed, been reached between the Ministry of Finance and GN to settle this debt. However, even when completely settled, it will still not address GN’s capital deficit of GH¢683.66 million.”
It added:”The Akufo-Addo administration has nothing to gain from the closure of a company belonging to a Ghanaian. That is not how the President views his mandate. On the contrary, since assuming office in 2017, the pre-occupation of President Akufo-Addo has been to incentivize the Ghanaian private sector to be able to compete effectively in the region, the continent and the world, create jobs for the Ghanaian people, and put our nation onto the path of progress and prosperity.”