In an effort to contest the Court of Appeal’s decision to reinstate the license of GN Savings and Loans, the Bank of Ghana has filed an appeal with the Supreme Court.
JOY BUSINESS has seen an application filed at the Supreme Court that shows the Bank of Ghana is asking the highest court of the land to overturn the Court of Appeal’s decision.
According to the Bank of Ghana, the Court of Appeal made a legal error by continuing to “hear and determine the appeal filed by applicants to the Court of Appeal” (Dr. Papa Kwesi Nduom, Coconut Grove Beach Resort, and Group Nduom Limited).
In its motion, the Central Bank further said that Dr. Papa Kwesi Nduom, Group Nduom Limited, and Coconut Grove Beach Resort failed to abide by an earlier mandatory provision in the court’s 1997 Rules (CI 19, as amended), which states that particulars of an alleged error of law must be clearly stated in a notice of appeal.
The Bank of Ghana also expressed significant worries about the Court of Appeal’s judgment that it should have considered the adviser’s report before revoking GN Savings and Loans’ license.
The Central Bank’s application also brought out a number of things it called “particulars of error in law,” which it thinks prove its case that the ruling should be thrown out.
Through this application, the Bank of Ghana requests that the Supreme Court overturn the Court of Appeal’s ruling by granting the appeal against the High Court’s decision and reinstating the High Court’s ruling, which dismissed the lawsuit filed by Group Nduom Limited and its chairman, Dr. Papa Kwesi Nduom.
Before making a decision about its next course of action, the Bank of Ghana stated earlier this week that it was waiting for legal counsel from its external attorneys and the Receiver of the failed financial institution.
Based on what JOY BUSINESS has learned, it is evident that the Bank of Ghana has continued to follow the advice of its external lawyers and appeal the decision at the Supreme Court.
Justice Mariama Sammo, Justice Francis Achibonga, and Justice Jerome Noble Nkrumah, sitting as Presiding Justice, issued a unanimous ruling ordering the reissuance of the license of GN Savings and Loans Company Limited.
The decision aimed to invalidate the High Court’s ruling that supported the Bank of Ghana’s cancellation of GN Savings and Loans’ license.
Additionally, the court instructed the receiver, Eric Nana Nipah, to give back control and management of the company’s operations and assets to its stockholders, Groupe Nduom, who are led by Dr. Papa Kwesi Nduom.
GN Bank Limited was renamed GN Savings and Loans Company Limited and reclassified as a savings and loans company on January 4, 2019.
As part of the clean-up operation in the financial sector, the Bank of Ghana revoked its license and appointed a receiver on August 16, 2019, sparking legal action from Groupe Nduom to contesting the decision in court.
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