Founder of Groupe Nduom, Dr Papa Kwasi Nduom, has recounted the difficulties that he went through when the Licence of GN Savings and Loans was revoked by the Bank of Ghana (BoG).
Dr Nduom said it has been a very tough seven years since the licenses were revoked.
Speaking to journalists on Thursday, May 21, after the Court of Appeal ordered the restoration of the licences, he said, “It has been difficult for seven years. We have had some very loyal, hardworking employees who stood with us all these years. We definitely give thanks to the Almighty for giving us the strength to be where we are, because this has been a very difficult, tough time we have gone through
“We are expecting the license to be restored, we will now play our part to achieve the level of property that
“Some have died, some have lost their jobs, and assets have been destroyed. Many things we will not get back, but what we promise is that we will restore our business.”
The Court of Appeal has unanimously quashed the High Court’s decision, which upheld the revocation of the licence of GN Savings and Loans Company Limited.
The three-member panel of justices held that the decision to revoke the license was unfair and unreasonable.
The court also directed the receiver to hand over possession, management and control of the assets and other activities of the bank to shareholders of the company.
“Any third party party interest created shall be determined on good faith of third parties and case by case basis,” the Court of Appeal added.
The decision of the court effectively leads to the restoration of the license of GN Savings and Loans Company Limited.
