Papa Kwesi Nduom, businessman and President of Groupe Nduom, has reiterated the group’s commitment to continue operations following the Court of Appeal’s judgement to restore GN Savings and Loans’ licence.
Dr. Nduom stated that unless a superior court delivers an alternative direction rejecting the existing ruling, the group is still steadfastly committed to upholding the rule of law and would proceed with plans to resume business operations.
His remarks come after it was reported that the Bank of Ghana has appealed the Court of Appeal’s decision to reinstate GN Savings and Loans’ operating licence. GN Savings and Loans was one of the organisations impacted by the nation’s financial sector cleanup effort.
Dr. Nduom addressed the problem, emphasising that the Court of Appeal’s order is the sole legally binding instruction now in front of the organization.
“Let me be very clear, because I told you that we are law-abiding and we believe in the rule of law and we have orders. The orders that we have as I stand here are orders from the Court of Appeal, nowhere else,” he said.
The Court of Appeal’s decision has rekindled debates about the legitimacy and execution of the financial sector reforms that resulted in the licenses of a number of domestic financial institutions being revoked in recent years.
Dr. Nduom further revealed that, to the best of his knowledge, the Bank of Ghana had not yet received formal service of the judgment’s subsequent orders.
As a result, he said, “So as I stand here, Bank of Ghana itself has not even been served with what the lawyers call the consequential orders.”
Additionally, he said that he had not personally received any official confirmation that an appeal had been filed in opposition to the decision.
“And then, again as I stand here, I have not been served with anything that says somebody is appealing the matter. It may be true, it may not be true, but I cannot rely on word of mouth or what’s on social media or what’s on radio or television,” he remarked.
Dr. Nduom stated that Groupe Nduom would only depend on formal legal procedures rather than conjecture or unofficial information, even though media reports and public debate had implied new legal action by the central bank.
He gave stakeholders the assurance that the group’s solicitors were ready to react quickly to any potential legal developments.
“But when we get anything at all from anybody, we are ready with our attorneys to deal with anything with dispatch,” he said.
The billionaire insisted that unless instructed otherwise by a higher court, the organization would not halt its operational recovery plans.
He declared, “But even if something is served on us, until someone gives us an order different and also superior to what the Court of Appeal had given, we are not moving. We are not waiting for anybody.”
Dr. Nduom also disclosed that concrete measures, including as organisational reorganisation, personnel arrangements, and infrastructure restoration, were already being implemented to restore the business’s operational capacity.
“So I hope you understand that we are working. We are on the road. We are working, restoring, repairing, putting our things together, looking for people, and so on,” he continued.
However, as the legal dispute continues, Groupe Nduom’s immediate priorities seem to stay operational preparedness and adherence to the Court of Appeal’s standing instructions.
Source: newsthemegh.com