The Bank of Ghana, the Attorney-General, and the Receiver of GN Savings and Loans have been provided 10 days by the High Court to file their actions in the suit challenging the revocation of the license of GN Savings and Loans company.
The court offered the order following the failure of the three defendants in the matter to file their responses as required by the procedures of the court.
Dr. Nduom took legal action against the Bank of Ghana; Finance Minister, Ken Ofori Atta; Attorney General Of The United States, Gloria Akuffo; and Receiver for GN Savings and Loans, Eric Nana Nipah in 2019.
In his declaration of claim, Dr. Nduom firmly insisted that GN Cost savings and Loans remained in good standing in spite of being stated insolvent by the Central bank.
He stated government facilities’ job portfolio remained in excess of GHC2.2 billion, more than the company’s liabilities.
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He added that most of the business’s funds had actually been bought federal government projects as advances and loans to professionals who federal government through its ministries and companies had worked with to carry out numerous jobs.
According to Dr. Nduom, the government and state companies, since August 14, 2018, owed the business over GHC 600 million.
He argued further that the BoG and other parties failed to consider the government’s insolvency to the business in making a determination on the company’s solvency and that makes up a violation of rights.
He, therefore, asked the court to rule that the failure of the BoG to consider that insolvency of the Government of Ghana and its MDAs to Group Nduom before stating GN Savings and Loans to be insolvent, makes up an offense of his rights, that of Group Nduom and Coconut Grove Resort.
