GN Savings and Loans saga: Court grants BoG application for stay of proceedings

News reaching GhanaWeb indicates that the Court of Appeal, has today June 3, 2020, in a unanimous decision by all three Justices on the panel, granted the Bank of Ghana’s application for stay of proceedings in the GN Savings and Loans case.

The Justices were Gyaesayor, Wood, and Obeng Manu.

The application was granted at the High Court (Human Rights Division), pending the determination of the Bank of Ghana’s appeal against the decision of the High Court, to hear the case brought by shareholders of GN Savings and Loans.

The effect of the Court of Appeal’s ruling today is that the proceedings filed at the High Court by shareholders of GN are for now suspended.

Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, sued the BoG and two others over the revocation of the licence of GN Savings and Loans Company Limited to declare the company insolvent.

According to details of the suit, “contrary to the central bank’s claims, a fair, truthful, just and independent assessment of GN Savings and Loans’ books would show it was very solvent “and particularly, that the value of Gold Coast’s government infrastructure project portfolio, running in excess of GH¢2.2 billion in addition to other assets available to Groupe Nduom, could support the GN Savings and Loans to far exceed the value of its liabilities.”

ghanaweb