The Court of Appeal unanimously restored GN Savings and Loans Company Limited’s licence.
That came after the High Court’s decision to uphold the licence revocation was overturned by a three-member panel of the second-highest court on the grounds that it was unjust and irrational.
Both the decision to withdraw the licence and the High Court’s decision to uphold it have been overturned by the ruling.
The court mandated that the receiver give the company’s shareholders possession, management, and control over the assets as well as other activities.
GN Bank Limited was renamed GN Savings and Loans Company Limited on January 4, 2019, after being classed as a savings and loans company.
In an effort to clean up the banking industry, the BoG, then led by Dr Ernest Addison, revoked GN Savings and Loans Company Limited’s operating licence seven months later on August 16, 2019, and named Eric Nana Nipah as Receiver.
In the same month, GN Savings and Loans Company Limited’s owners, Groupe Nduom, under the leadership of Dr. Papa Kwesi Nduom, contested the license’s revocation in the Accra High Court.
Justice Addo upheld the licence revocation on January 24, 2024.
The owners of GN Savings and Loans Company Limited, led by Dr. Papa Kwesi Nduom, challenged this High Court ruling, which was overturned.
Source: newsthemegh.com