The Founder and owner of GN Savings and loans Dr. Papa Kwesi Nduom has refuted allegations held against the financial institution by the Central bank for the revocation of its licenses.
Dr. Nduom contended that the Bank of Ghana(BoG) claim that over $62 million were illegally transferred to a sister company, International Business Solutions, in the USA is false.
GN Savings and loans which had been on the brink of collapse after the traditional bank was reduced to a Savings and Loans Company received the worst news on Friday, August 16, when the financial institution together with 22 other insolvent savings and loans companies were closed down by the regulator citing liquidity issues.
In particular reference to GN Savings and loans, the BoG stated that a “recent Bank of Ghana investigation conducted at GN revealed that a significant amount (USD62,255,516.93, GBP718,528.59 and EUR4,200) of depositors’ funds held with GN had been transferred to International Business Solutions (another company owned by Groupe Nduom and which is based in the U.S.A) without any documentation to support such transfers in breach of section 19 of the Foreign Exchange Act 2006, Act 723, Section IV of Bank of Ghana Notice No. BG/GOV/SEC/2007/4, and subsequent Bank of Ghana Notices issued in August 2014 prohibiting such practices.”
Responding to the development in a Facebook post, Dr. Nduom described the claims against GN Savings and loans company by the Central Bank as “either gross negligence on the part of the BoG, or a egregious misrepresentation of the truth designed to drag our name in the mud.”
For him, the real scandal is the GHS 2.2 Billion Cedi portfolio that the Ministry of Finance has held hostage for over two years.
“Their refusal to acknowledge and pay these debts is what they are using to destroy a strong Ghanaian company,” Nduom bemoaned.
Below is Dr. Nduom’s full post on his Facebook wall
“The information about International Business Solutions is false. International Business Solutions has two main business lines. Management Consulting and Import/Export. All of the funds mentioned are comprised of payments of invoices for goods and services that were rendered in Ghana.
“To use it as justification for any regulatory action is either gross negligence on the part of the BoG, or a egregious misrepresentation of the truth designed to drag our name in the mud.
“The BoG has all the documents for every pesewa transferred out of Ghana and there was absolutely nothing wrong with engaging in an international business. The real scandal is the GHS 2.2 Billion Cedi portfolio that the Ministry of Finance has held hostage for over two years.
“Their refusal to acknowledge and pay these debts is what they are using to destroy a strong Ghanaian company.”
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