The government has refuted claims that its indebtedness to GN Savings and Loans caused the insolvency of the financial institution hence their closure. The response comes after some residents of Elmina, at a press conference blamed the Akufo-Addo-led government for the shutdown of the Groupe Nduom company.
But the government in a statement signed by Deputy Information Minister Nana Ama Dokua Asiamah Adjei said such claims, as perpetrated by the Elmina residents, remain unfortunate, unwarranted and without basis.
“The deliberate attempt to draw in the government and President Akufo-Addo into the insolvency problems of GN Savings and Loans is totally unwarranted, unfortunate and without any substance,” the statement reads in part.
According to the statement the government’s total debt obligation to the company stands at GHS30.33million of which an agreement has been reached with Groupe Nduom for payment to commence. The statement adds that the sum, even if paid in full, would not solve the liquidity challenges GN Savings is grappled with.
“GN’s insolvency problems are largely attributable to overdraft and other facilities it extended to its related parties who are other companies in the Groupe Nduom network of businesses, under circumstances that violated relevant prudential norms, including transfers of large sums of money (US$62,255,516.93, GBP718,528.59 and EUR 4,200) from depositors’ fund to foreign accounts of companies of Groupe Nduom, in breach of section 10 of the Foreign Exchange Act 2006, Act 723, Section IV of the Bank of Ghana Notice No. BG/GOV/SEC/2007/4”.
Source: The Daily Searchlight
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This guy Nana Ofori and his PPP boys siphon monies from the Bank for their political ambitions and you think the Bank will not suffer one day. Mr. Nduom the government is not the problem, this same government made you.Those who failed you are those playing politics in your company and an example is NANA OFORI.This Man has destroyed FRESH PAK and now the company is unable to produce.Now when we send our tipper trucks to get materials from your Quarry for days we don't get them because of same Mismanagement by this same NANA OFORI.He is just a failure and you continue to entertain him to destroy your reputation.My brother AWAKE because that guy is simply a C'ROOK.You are suffering today because of BAD Advise by these guys. If you play politics with private money this is what will Happen. This guy is making the environs of CAPE COAST suffer for not even getting quarry products because of POOR MANAGEMENT and SIPHON OF your company monies.
Yesterday, I listened to Nana Ofori the Vice President of Groupe Nduom who doubles as vice chairman of PPP.If you have such a person in your company why won't the Nduom Groupe suffer.That man is the cause of Nduom suffering.Per our checks this guy is using politics(PPP) to destroy everything Nduom has built and Nduom does not see anything wrong with this guy.He does not understand the Banking issues and wants to play as usual his Politics with it.Again according to our checks he is the Reason good brains were sacked and others left the groupe all because of HIS "KONKONSA"right after the 2016 ELECTION.. Nduom AWAKE because this guy is destroying you everyday and very soon his advise will let YOU DOWN BIG TIME.....