Nduom says GN Savings & Loans will resume operations despite reports of possible Supreme Court action

Businessman and President of Groupe Nduom, Papa Kwesi Nduom, has reiterated the group’s determination to resume operations after the Court of Appeal ordered the restoration of the licence of GN Savings and Loans.

According to Dr. Nduom, the group remains firmly committed to abiding by the rule of law and will continue preparations to restart business activities unless a superior court issues an alternative directive overturning the current ruling.

His comments follow reports that the Bank of Ghana has filed an appeal against the Court of Appeal judgment which restored the operating licence of GN Savings and Loans, one of the institutions affected during the country’s financial sector clean-up exercise.

Addressing the matter, Dr. Nduom stressed that the only binding directive currently before the group is the order issued by the Court of Appeal.

“Let me be very clear, because I told you that we are law-abiding and we believe in the rule of law and we have orders. The orders that we have as I stand here are orders from the Court of Appeal, nowhere else,” he said.

The Court of Appeal’s ruling has reignited discussions surrounding the legality and implementation of the financial sector reforms that led to the revocation of licences of several indigenous financial institutions in recent years.

Dr. Nduom further disclosed that, to the best of his knowledge, the Bank of Ghana itself had not yet been formally served with the consequential orders arising from the judgment.

“So as I stand here, Bank of Ghana itself has not even been served with what the lawyers call the consequential orders,” he stated.

He also indicated that he had not personally received any official notification confirming that an appeal had been lodged against the ruling.

“And then, again as I stand here, I have not been served with anything that says somebody is appealing the matter. It may be true, it may not be true, but I cannot rely on word of mouth or what’s on social media or what’s on radio or television,” he said.

Dr. Nduom noted that while media reports and public commentary had suggested fresh legal action by the central bank, Groupe Nduom would rely strictly on formal legal processes rather than speculation or unofficial information.

He assured stakeholders that the group’s legal representatives were fully prepared to respond swiftly to any legal developments that may emerge.

“But when we get anything at all from anybody, we are ready with our attorneys to deal with anything with dispatch,” he stated.

The businessman maintained that the group would not suspend its operational recovery plans unless directed otherwise by a higher judicial authority.

“But even if something is served on us, until someone gives us an order different and also superior to what the Court of Appeal had given, we are not moving. We are not waiting for anybody,” he said.

Dr. Nduom further revealed that practical steps were already being taken to restore the company’s operational capacity, including infrastructural rehabilitation, organisational restructuring and personnel arrangements.

“So I hope you understand that we are working. We are on the road. We are working, restoring, repairing, putting our things together, looking for people, and so on,” he added.

For Groupe Nduom, however, the immediate focus appears to remain on operational readiness and compliance with the standing orders of the Court of Appeal as the legal battle continues to unfold.

المصدر: MyJoyOnline (GH)