Business

Supreme Court clears Nduom to challenge GN Bank’s license revocation at High Court

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The Supreme Court has given businessman and politian, Paa Kwesi Ndoum the green light to challenge the revocation of the license of GN Bank at the High Court.

This follows a judgment by the apex court overturning an earlier decision of the Court of Appeal barring it from challenging the revocation at the High Court.

GN Bank which was under the Groupe Nduom brand was part of a number of financial institutions whose licenses were revoked in 2018 as part of the banking sector clean-up exercise.

Paa Kwesi Nduom who is the founder of the bank made an application to the High Court challenging the revocation.

But respondents in the matter including the Bank of Ghana moved to the Court of Appeal for a determination that the appropriate forum for challenging the revocation under the specialized deposit-taking institutions ACT is through arbitration.

The Court of Appeal granted their application, stayed proceedings at the High Court, and directed the parties to go for arbitration.

Groupe Nduom following this decision of the Court of Appeal applied to the Supreme Court for a second look at the decision of the Court of Appeal.

The apex court considering the matter returned with a verdict in favour of Paa Kwesi Nduom.

Source:Citinewsroom

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