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21.08.2019 Business & Finance

Be Calm — Nduom Urge Employees

By News Desk
Be Calm — Nduom Urge Employees
LISTEN AUG 21, 2019

Owner of now-defunct GN Savings and Loans, Dr. Papa Kwesi Nduom has urged his employees to remain calm in the face of recent developments.

In a video message, Dr. Nduom asked his employees not to be timid but rather be in high spirit despite the revocation of the license of defunct GN Savings and loans.

He also described as untrue, claims by the Bank of Ghana that GN Savings transferred depositors’ funds abroad without documentation.

“Let us take our inspiration from 2nd Timothy; for the Spirit of God has not made us timid but gives us power, love, and self-discipline. That spirit that God gave us does not make us timid and should not in this challenging time make us timid. But it ought to give us power.

“Power to take control of our emotions, our attitude, and our outlook as far as life is concerned. I want to talk to you about a particular one; the one that says that we have transferred more than 60 million of customer funds to International Business Solution (IBS) with no documentation. How possible is that?”

The Bank of Ghana, last Friday revoked the licenses of GN Savings and Loans’ License and 14 other Savings and Loans Companies and Finance Houses.

The Bank of Ghana in announcing the revocation of GN Savings and Loans' license said GN's shareholders failed to restore the bank to the required regulatory capital and liquidity levels despite prior promises.

The Bank of Ghana noted that GN Savings and Loans indicated that government owed it GHc942.98 million.

GHc102.73 million of the amount represented Interim Payment Certificates (IPCs).

But the Bank of Ghana held that only IPCs totalling GH¢30.33 million have been confirmed by the Ministry of Finance as at August 6, 2019.

This is owed to contractors that may be indebted to affiliates of GN Savings and Loan

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