Business News of Monday, 19 July 2021
Source: www.ghanaweb.live
2021-07-19Commercial Court awards GH¢174 million judgement to Groupe Nduom
Dr Papa Kwesi Nduom, founder of Groupe Nduom
• It's a big win for Groupe Nduom as a court has awarded it GH¢174 million
• This was against the Health Network Company (Healthnet)
• Groupe Nduom has described this ruling proves that regulators acted hastily in revoking licenses
A GH¢174 million has been awarded by the Commercial Division of an Accra High Court, in
Read full articlethe favor of the Ghana Growth Fund Company/Gold Coast Advisors, a Groupe Nduom Company.
In a report by classfmonline.com, it said that the ruling of Thursday 15, July 2021, by Justice Shiela Minta, ordered the Health Network Company (Healthnet) to pay the said money, as well as another cost of GH¢50,000 to the lawyer of the plaintiffs.
Currently, there are a number of court cases pending before the law courts, involve private sector companies, government agencies and regulators, on the instructions of the Groupe Nduom companies, and this is only the first to be won by them.
Making this known through a statement, the Groupe Nduom said that it believes that all allegations of wrongdoing made against some of its companies and shareholders will be brought to a finality.
The statement added that this particular suit was started by a Writ of Summons and Statement of Claim issued at the Registry of High Court, Accra, Commercial Division dated 11th October 2019.
An application was then brought before the court for substituted service to enable the plaintiff serve the defendants by substitution, after failed attempts to get all the four defendants to be served in the ordinary manner prescribed by the court rules.
“The judgment, not only absolves our companies of wrongdoing. It also confirms our long-held position that customers’ funds were invested in Ghana with private and government institutions and government projects. It was based on the prudent investments that we stand by our claim that government agencies and the contractors they gave legitimate contracts to owe the Groupe more than GH¢3 billion that is continuing to attract interest. Altogether, the court cases we are chasing after private and public entities for will amount to about GH¢4 billion,” the statement added.
They noted further that, “in our opinion, this ruling proves that regulators acted hastily in revoking licenses of the Groupe’s banking and investment companies.”
Gold Coast Fund Management/BlackShield and GN Bank/GN Savings & Loans have suffered regulator closures as the company said the actions of the regulators “have also caused huge collateral damage to related companies as they have been starved of deposits they placed with their sister companies.”
Meanwhile, the Groupe Nduom has reminded its customers and the general public that even in the face of tremendous pressure, even up to when its license was revoked, GCFM/BlackShield was able to return over GH¢600 million during the period of the run on the company.
