This comes after the three defendants all failed to file their responses as required by the court.
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BoG, AG given 10 days to respond to suit against revocation of licence of GN Savings
An Accra Hight Court has given the Bank of Ghana (BoG), Attorney-General and the Receiver of GN Saving and Loans a 10-day ultimatum to file their responses in the suit challenging the revocation of the licence of the savings and loans institution.
BoG, AG given 10 days to respond to suit against revocation of licence of GN Savings
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The BoG revoked the licences of GN Savings and 22 other savings and loans companies and finance house companies in August last year.
In a statement, the Central Bank said “GN is currently insolvent under Section 123(4) of the Banks and SDIs Act, 2016 (Act 930).”
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The Central Bank, subsequently appointed Eric Nipah, a Partner at Pricewaterhouse Coopers Ghana, as Receiver to see to the liquidation of the companies.
However, Dr. Papa Kwesi Nduom sued the BoG; Finance Minister, Ken Ofori Atta; Attorney General, Gloria Akuffo; and Receiver for GN Savings and Loans.
His lawyers described the revocation as malicious, insisting the BoG deliberately refused to consider the entire portfolio of GN Savings’ assets in coming to the conclusion that GN Savings was insolvent.
Dr. Nduom, in his statement of claim, stated that GN Savings and Loans was in good standing despite the revocation of its license.
He argued that most of the company’s funds had been invested in government projects as loans and advances to contractors who government through its ministries and agencies had hired to execute various projects.
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He further claimed that the government and state agencies, as of August 14, 2018, owed the company over GH¢600 million.
Dr. Nduom’s lawyers, therefore, prayed the Court to, among other things, quash the decision of the Central Bank to restore GN Savings’ licence.
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