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Court refers Nduom to arbitration for license revocation redress

The Court of Appeal has alluded Dr Papa Kwesi Nduom to Ghana Arbitration Center for change, following the renouncement of his permit during the monetary area tidy up work out. The court took the choice on Thursday, June 2, 2022, after the Central Bank had documented an application that Dr Nduom alludes the case to the intervention. In the decision, the appointed authorities held that the becoming aware of such cases is the safeguard of the discretion. The court likewise demonstrated that Dr Nduom blundered by documenting the test as a common liberties case.

It in this manner remained continuing at the court and alluded the case to the discretion community. During the monetary area tidy up work out, the Central Bank requested that banks meet a base capital of GH₵400 million to work in the country. GN Bank among other monetary establishments neglected to meet the prerequisite which was supposed to be consented to by December 31, 2018 as indicated by the guidance of the Central Bank. Subsequently, BoG repudiated the permit of GN Bank and 23 reserve funds and advances organizations in August 2019.

"GN is at present wiped out under segment 123 (4) of the Banks and SDIs Act, 2016 (Act 930)," BoG said in a proclamation with the impact of the renouncement of the permit. The Central Bank in this manner designated an accomplice of Pricewaterhouse Coopers (PWC) Ghana as the Receiver of the bank to see to its liquidation. Dr Nduom, seethed by the choice of the public authority to repudiate the organization permit, sued the Central Bank, Ken Ofori Atta who is the Finance Minister, Gloria Akuffo who was then Attorney General and the beneficiary for the GN reserve funds and advances in the individual of Eric Nipah.

He guaranteed that the move by the public authority to repudiate his permit and minimization the bank to a status of an investment funds and credit organization was malevolent. Further guaranteeing that the public authority and its organizations as of August 14, 2018 owed the organization over GH₵600 million, the CEO of the GN supplicated the court to suppress the choice of the Central and reestablish the permit.

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Central Bank Court of Appeal GN Bank Nduom Papa Kwesi Nduom


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