BoG, others given 10 days to respond to suit against GN Savings and Loans license revocation

In his statement of claim, Dr. Nduom insisted that GN Savings and Loans was in good standing despite being declared insolvent by the central bank.

He said government infrastructure project portfolio was in excess of GH¢2.2 billion, more than the company’s liabilities.

He added that most of the company’s funds had been invested in government projects as loans and advances to contractors who government through its ministries and agencies had hired to execute various projects.

According to Dr. Nduom, the government and state agencies, as of August 14, 2018, owed the company over GH¢600 million.

He argued further that the BoG and other parties failed to consider the government’s indebtedness to the company in making a determination on the company’s solvency and that constitutes a violation of rights.

He thus asked the court to rule that the failure of the BoG to consider that indebtedness of the Government of Ghana and its MDAs to Group Nduom before declaring GN Savings and Loans to be insolvent, constitutes a violation of his rights, that of Group Nduom and Coconut Grove Resort.