Dr Nduom, CEO of the GN Group, is not lying down easily as government goes after his companies.
Nduom has sued the Bank of Ghana for his company’s licence which has been revoked to be restored.
According to him, the BOG did not take into account evidence provided by his bank that a huge chunk of their debt is due to lending money to finance government projects or government backed contractors.
That, he argues, should have been considered in the decision to declare them insolvent but it wasn’t, making the decision a wrong one and a violation of the rights of himself and his company.
Whilst that case is being heard, Nduom has also applied for an injunction to be placed on the decision to revoke the license of GN Savings and Loans.
Nduom is asking the court to restore the firm “to its specialised deposit-taking license pending the determination of the originating motion.”
That injunction, if granted, would allow GN to resume operations whilst the substantive case is being heard in court.