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In a unanimous determination, the Courtroom of Enchantment reinstated the license of GN Financial savings and Loans Firm Restricted.
This was after a three-member panel of the second highest court docket reversed the Excessive Courtroom’s determination upholding the license cancellation on the grounds that the choice was unjust and unreasonable.
This judgment reversed each the choice to revoke the license and the Excessive Courtroom determination that upheld it.
The court docket additionally ordered the receiver handy over possession, administration, management and different actions of the property to the corporate’s shareholders.
background
On January 4, 2019, GN Financial institution Restricted was reclassified as a financial savings and mortgage firm and in consequence modified its identify to GN Financial savings and Loans Firm Restricted.
Seven months later, on August 16, 2019, the central financial institution, then beneath the course of Dr. Ernest Addison, revoked the working license of GN Financial savings and Loans Firm Restricted and appointed Mr. Eric Nana Nipa as receiver as a part of a banking sector clean-up operation.
In the identical month, Group Nduom, proprietor of GN Financial savings and Loans Firm Restricted, led by Dr. Papa Kwesi Nduom, challenged the cancellation of the license on the Excessive Courtroom in Accra.
On January 24, 2024, Decide Addo upheld the revocation of the license.
The Excessive Courtroom judgment was challenged by the administration of GN Financial savings and Loans Firm Restricted led by Dr. Papa Kwesi Nduom.
