Group Ndoum, the parent company of the now-defunct GN Savings and Loans, has secured a significant legal victory at the Court of Appeal, overturning the Bank of Ghana’s decision to revoke its operating license. The ruling, delivered on Thursday, comes after a seven-year legal battle during which the group consistently maintained its innocence regarding any wrongdoing that would justify the regulator’s action.
Legal Battle and Regulatory Action
The Bank of Ghana (BoG) revoked the license of GN Savings and Loans in 2019, citing regulatory breaches and liquidity challenges. This decision plunged the financial institution into a protracted legal dispute with its owners, Group Ndoum.
Throughout the seven-year contestation, Group Ndoum, through its Vice President Nana Ofori Owusu, has adamantly asserted that the company operated within legal and regulatory frameworks. Owusu stated that the group’s consistent position has been that no offense was committed to warrant the license revocation.
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