General News of Saturday, 22 May 2021Source: www.ghanaweb.comFollowing allegations of money laundering and fraud leveled at Ghanaian businessman and politician, Dr. Paa Kwesi Nduom, by a US-based company, Birim LLC, the former has issued a formal response, explaining circumstances surrounding it. A suit against the founder of the Progressive People's Party (PPP), listing him alongside his wife and their children, was for what Birim LLC said is a $63m case of alleged money laundering and wire fraud. Groupe Nduom, the umbrella company for 60 other businesses owned by Dr Nduom, according to the writ, has put Bernie Maddoff to shame. It further stated that Dr. Nduom’s business would “put Bernie Maddoff to shame”, adding that the purported “criminal scheme” involved “international money wire system – of inflated, over-invoiced and above-market rate fees disguised as payment for ‘management service’”. Responding in a 33-paged document sighted by GhanaWeb, Dr. Paa Kwesi Nduom explains that the recent financial sector clean-up in Ghana contributed to “a substantial portion of its [GN Bank] loans were illegally made to Nduom-related entities without the benefit of appropriate risk assessments, managements or determinants”.

Source: GhanaWeb May 22, 2021 10:52 UTC