Groupe Ndoum has served the receiver of GN Savings and Loans, PricewaterhouseCoopers, with its injunction suit by posting it at its office.
This was after the High Court directed lawyers of Groupe Ndoum to properly serve the lawsuit.
After a hearing at the High Court on Friday, the court said Group Nduom could serve the suit by also posting a copy on the notice board of the High Court Complex in Accra as well as the Notice Board of GN Savings and Loans.
The Chairman of Groupe Nduom, Papa Kwesi Nduom filed the injunction suit to compel the Bank of Ghana (BoG) to restore the license of GN Savings and Loans as the two battle in court over the license revocation.
The suits are to remain posted for 24 hours ahead of the resumption of the case on September 24, according to a document sighted by Citi News.
In the application, the applicants were seeking an order from the court to keep the Reciever of GN Savings and Loans from “further interfering directly or indirectly with the rights of [the firm’s] shareholders, directors and management to control the business activities of GN Savings and loans pending the determination” of the case.
Dr. Nduom insists that GN Savings and Loans was in good standing despite being declared insolvent by the BoG.
According to Dr. Nduom, the government and state agencies, as of August 14, 2018, owed the company over GH¢600 million.
He argued that the BoG and other parties failed to consider the government’s indebtedness to the company in making a determination on the company’s solvency and that constitutes a violation of rights.
