The Court of Appeal has unanimously restored the operating licence of GN Savings and Loans Company Limited, overturning a previous High Court ruling that upheld the revocation.
A three-member panel deemed the initial decision to revoke the licence unfair and unreasonable, subsequently quashing both the revocation and the lower court’s judgment.
Consequently, the court ordered the receiver to return possession, management, and control of all assets and operations to the company’s shareholders.
This legal battle began after the Bank of Ghana reclassified GN Bank Limited as a savings and loans company in January 2019, only to revoke its licence seven months later during a banking sector clean-up. Groupe Nduom, led by Dr Papa Kwesi Nduom, immediately challenged the August 2019 revocation and the appointment of receiver Eric Nana Nipah.
Although the High Court initially upheld the regulator’s decision in January 2024, this successful appeal effectively nullifies that judgment and reinstates the company’s status.
By: Rainbowradioonline.com/Ghana
