Business News of Wednesday, 3 June 2020Source: www.ghanaweb.comGN Savings and Loans saga: Court grants BoG application for stay of proceedingsChairman of Groupe Nduom, Dr. Papa Kwesi NduomNews reaching GhanaWeb indicates that the Court of Appeal, has today June 3, 2020, in a unanimous decision by all three Justices on the panel, granted the Bank of Ghana’s application for stay of proceedings in the GN Savings and Loans case. The Justices were Gyaesayor, Wood, and Obeng Manu. The application was granted at the High Court (Human Rights Division), pending the determination of the Bank of Ghana’s appeal against the decision of the High Court, to hear the case brought by shareholders of GN Savings and Loans. The effect of the Court of Appeal’s ruling today is that the proceedings filed at the High Court by shareholders of GN are for now suspended. Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, sued the BoG and two others over the revocation of the licence of GN Savings and Loans Company Limited to declare the company insolvent.

Source: GhanaWeb June 03, 2020 13:41 UTC