GN Bank Case Update: Supreme Court to Deliver Decision on Dr. Nduom’s Request for Interim Asset Management Committee

Dr. Papa Kwesi Nduom’s legal team has formally requested the Supreme Court to consider and rule on their motion for an injunction, along with granting certain interim orders. In a written communication, the legal representatives have urged the Supreme Court to schedule a hearing for the motion. In this motion, Dr. Nduom has sought the apex court’s intervention to prohibit the Attorney General, the Receiver, and the Bank of Ghana from either selling or dissipating assets belonging to GN Savings.

Furthermore, they have petitioned the Court to establish an interim asset management committee, comprising equal representation from both the government and GN Savings and Loans shareholders. This committee would oversee the management of assets during the ongoing legal proceedings.

Dr. Papa Kwesi Nduom and others initiated legal action against the Bank of Ghana and others in August 2019 following the revocation of the GNA Bank/Savings license. The claimants have asserted that numerous valuable assets, including purpose-built offices, over 300 vehicles and motorcycles, hundreds of air conditioning units, generators, computers, printers, photocopiers, and more, have been left to deteriorate over time.

They have alleged that during this period, certain valuable assets were stolen under the supervision of the Bank of Ghana-appointed Receiver. Additionally, some assets were sold by the Receiver discreetly while the lawsuit filed in 2019 remains unresolved. Despite numerous appeals from GN Bank/Savings shareholders to engage in constructive dialogue with the authorities to reach a mutually beneficial resolution, their pleas have gone unanswered.

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