The Financial institution of Ghana has appealed to the Supreme Courtroom in search of to problem the Courtroom of Attraction’s choice on the reinstatement of the GN Financial savings and Mortgage license.
In response to an software filed with the Supreme Courtroom and seen by Pleasure Enterprise, the Financial institution of Ghana is asking the nation’s Supreme Courtroom to put aside the Courtroom of Attraction’s judgment.
It is because, in keeping with the Financial institution of Ghana, the Courtroom of Attraction erred in regulation when it proceeded to “hear and determine the enchantment filed by the candidates to the Courtroom of Attraction” (Dr. Papa Kwesi Nduom, Coconut Grove Seashore Resort and Group Nduom Restricted).
The central financial institution additionally mentioned within the software that Dr Papa Kwesi Nduom, Coconut Grove Seashore Resort and Group Nduom Restricted had not complied with the earlier obligatory provisions underneath the Guidelines of Courtroom 1997 (CI 19, as amended). This part offers that the small print of the alleged error of regulation ought to be clearly said within the discover of enchantment.
The Financial institution of Ghana additionally expressed critical concern over the Courtroom of Attraction’s ruling that the Financial institution of Ghana ought to have taken into consideration the report of its appointed advisors earlier than continuing with the revocation of the license of GN Financial savings and Loans.
The central financial institution’s software additionally highlights a number of situations of what it says are “particulars of authorized error”, which it believes will strengthen its case for the judgment to be put aside.
By means of this software, the Financial institution of Ghana is asking the Supreme Courtroom to put aside the judgment of the Courtroom of Attraction by permitting the enchantment towards the judgment of the Excessive Courtroom and reinstating the judgment of the Excessive Courtroom which dismissed the go well with introduced by Groupe Nduom Restricted and its Chairman, Dr. Papa Kwesi Nduom.
The Financial institution of Ghana indicated earlier this week that it was awaiting authorized recommendation from exterior legal professionals and the failed monetary establishment’s trustees earlier than deciding on its subsequent plan of action.
Nevertheless, based mostly on info gathered by JOY BUSINESS, it’s clear that the Financial institution of Ghana has proceeded to problem the Supreme Courtroom’s judgment following recommendation from exterior counsel.
Courtroom of Attraction Judgment
The Courtroom of Attraction, in a unanimous choice by Justice Jerome Noble Nkrumah (presiding decide), Justice Francis Achibonga and Justice Mariamma Samo, ordered the reinstatement of the license of GN Financial savings and Loans Firm Restricted.
The judgment sought to put aside the Excessive Courtroom’s choice upholding the Financial institution of Ghana’s cancellation of GN Financial savings and Loans’ license.
The courtroom additional directed the trustee, Eric Nana Nipah, to return possession, administration and management of the corporate’s belongings and enterprise to its shareholder, Dr. Papa Kwesi Nduom’s Groupe Nduom.
On January 4, 2019, GN Financial institution Restricted was reclassified as a financial savings and mortgage firm and renamed GN Financial savings and Loans Firm Restricted.
On August 16, 2019, the Financial institution of Ghana revoked the license and appointed a receiver as a part of its monetary sector clean-up efforts. This triggered a lawsuit by Groupe Nduom difficult the choice in courtroom.
