Shareholders of GN Savings want meeting with Receiver

Shareholders of GN Savings and Loans have requested a meeting from the Receiver to furnish them with progress made so far regarding the liquidation of the company.

The shareholders who are made up of Dr. Papa Kwesi Nduom and Groupe Nduom Limited wants the Receiver, Eric Nana Nipah, to also furnish them with funds paid to customers so far and the names of the payee.

In a letter to the Receiver, the shareholders said they will be available for a meeting between March 11-31, 2020.

They want to discuss issues such as the particulars – name, category of investment and amounts of the customers or depositors who have put in claims for their monies.

Additional requests being made by the shareholders include the details of loans and other credits that the Receiver has been able to collect from debtors since August 16, 2019, which is when the revocation was done by the central bank.

They are also asking the Receiver to generate a statement of GN Savings and Loans’ financial position as of February 29, 2020.

The lawyers want the Receiver to alternatively supply the information in respect of the above issues through them to their clients, Dr. Nduom and Groupe Nduom, within the period it expressed its readiness the receiver.

According to the shareholders, their request is based on several rulings by an Accra High Court restraining the Receiver from taking action with respect to GN Savings and Loans pending the final determination of the case in court seeking to overturn their license revocation and the subsequent appointment of a receiver.

In August last year, GN Savings and Loans and 22 other savings and loans companies and finance houses had their licenses revoked by Bank of Ghana.

Eric Nana Nipah of accounting professionals, PwC, was subsequently appointed to oversee the liquidation and payments to depositors.