The President and Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has asked his employees to remain calm and also be apprised with the facts surrounding the decision by the Bank of Ghana to takeover GN Savings.
In a video message to the staff, Dr Nduom called on them to remember that their foundation is rooted in 2 Timothy 1:7 which says ‘For the Spirit God gave us does not make us timid, but gives us power, love and self-discipline’.
This, he says to his staff, ‘we will use this spirit and not be timid in the face of some untruths’, he said.
To him, the present predicament will quickly be overcome if all staff of Groupe Nduom are seized with the facts and are able to defend and explain the issues better to the good people of Ghana.
Citing the claim by the BoG that GN Savings transfered depositors' funds abroad without documentation, Dr Nduom said that was a palpable untruth and mischievous saying there is documentation on every money transferred out of Ghana.
He said all transfers made were for the procurement of vehicles, raw materials, equipment and other goods and services and paid for by the respective companies. He cited examples including: ‘The 4X4 car Kwame Asomaning drives, the computer Issah Adam (CEO of GN Savings) uses, all the raw materials FreshPak uses in their operations are all imported and paid for using the companies’ accounts and we have all the documents covering transactions’’, he said.
Revocation of licence
 The Bank of Ghana revoked the licenses of some 23 Savings and Loans Companies and Financial Houses including GN Savings and Loans.
The Bank of Ghana in announcing the revocation of GN Savings and Loans’ licence said: “GN’s shareholders have failed to restore the bank to the required regulatory capital and liquidity levels in spite of long-standing promises that new capital was expected from foreign investors.â€
“While GN has indicated that government owes it a total amount of GH¢942.98 million of which GH¢102.73 million represented Interim Payment Certificates (IPCs), the Bank of Ghana’s assessment is that IPCs totaling GH¢30.33 million only have been confirmed by the Ministry of Finance as at 6th August 2019 as owed to contractors that may be indebted to affiliates of GN,†the Bank of Ghana said.
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Credit : Graphiconline