President of Groupe Ndoum, Dr Kweku Ndoum, has said the company and the Ndoum family were shocked by the revocation of GN Savings and Loans' licence, insisting that the institution had met all regulatory requirements at the time.

Speaking on JoyNews' Newsfile programme on Saturday while discussing the recent Court of Appeal ruling in favour of GN Savings and Loans, Dr Ndoum, son of businessman and politician Papa Kwesi Ndoum, maintained that the group's banking business was solvent before regulatory actions were taken against it.

According to him, GN Bank, which was first downgraded to a savings-and-loan company, was solvent. A move, he said, significantly affected the institution's operations.

He stated that the downgraded company subsequently complied with all requirements imposed during the transition process and was therefore taken aback when its licence was later revoked.

"It was actually on the advice of the Bank of Ghana that we were reclassified as a loan and savings institution, and there were a number of requirements that obligators are to fulfil.

"We were very diligent in meeting those requirements, and we have made significant progress within the eight months between the reclassification and verification, so it came as a shock to us when we heard the license had been revoked," he added.

Dr Ndoum's comments come days after the Court of Appeal ruled in favour of Groupe Ndoum in its seven-year legal challenge against the Bank of Ghana and the High Court's actions taken against its financial institutions.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Tags:

Revocation of GN Savings license is a shock – Dr Kweku Ndoum

Suggested for you

More Stories

Farmers See Food Rot as Crisis Deepens

Pope Leo urges artificial intelligence to be 'disarmed' in first major teaching

Jordan leads big names at Guardiola farewell event

Allegri departs after season of 'clear failure'

FIFA Confirms Ghana Team Base for 2026 World Cup

Ferrari reveals first fully electric car

Discussion