Some aggrieved customers of GN Savings and Loans in Chereponi, in the North East Region, are complaining over the unavailability of forms needed by customers to retrieve their locked-up funds at the now-defunct financial institution.
The customers are therefore asking the appropriate authorities to explain why the forms are not at the branch.
One of the customers who spoke to Citi News said, the development is hampering their efforts to get their monies.
“Ever since the BOG revoked their license, we were told that there will be forms available for us to fill to recover our funds. But, as we speak, we have not received the forms in Chereponi and the deadline is just nine days away from today. We contacted our colleagues in different branches and they have received theirs. That is why we are here to express our concerns over our locked-up funds. We need help because it is as if Chereponi is not part of the area GN Bank operated.”
GN Savings loses license
GN Savings and Loans company limited was part of some 23 finance houses and savings and loans companies whose licenses were revoked by the central bank.
The Bank of Ghana in announcing the revocation of GN Savings and Loans’ license said: “GN’s shareholders have failed to restore the bank to the required regulatory capital and liquidity levels in spite of long-standing promises that new capital was expected from foreign investors.”
In response, the Chairman and Chief Executive Officer of Groupe Nduom, Papa Kwesi Nduom discredited claims by the Bank of Ghana that the company was in serious financial distress and fell far below its capital requirement level, hence the revocation of its license.
GN sues BoG
The Chairman of Group Nduom, Papa Kwesi Nduom has sued the Bank of Ghana; Finance Minister, Ken Ofori Atta; Attorney General, Gloria Akuffo; and Receiver for GN Savings and Loans, Eric Nana Nipah.
He wants the court to among other things to quash the decision of the Bank of Ghana to revoke the license of GN Savings and Loans.
In his statement of claim, Papa Kwesi Nduom said contrary to claims by the Bank of Ghana that GN Savings and Loans had its license revoked because the company was insolvent, the company, he insisted, was in good standing and its government infrastructure project portfolio was in excess of GH¢2.2 billion, more than its liabilities.