Gold Coast Securities Company Limited now BlackShield and Ghana Growth Fund Company Limited, as part of Groupe Nduom, an indigenous Ghanaian business conglomerate, have won a massive 174 million Ghana Cedis judgment against Health Network Company Limited.
The ruling was given by the Commercial Division of an Accra High Court on Thursday, July 15, 2021.
The ruling, according to Groupe Nduom owners and other stakeholders, “proves regulators acted hastily in revoking licenses of the Groupe’s banking and investment companies”.
The Groupe Nduom companies that have suffered regulator closure are Gold Coast Securities/Blackshield and GN Bank/GN Savings & Loans.
The actions of the regulators have also caused huge collateral damage to related companies as they have been starved of deposits they placed with their sister companies.
The judgement, the Groupe owners contend, absolves them of wrong doing and confirms their long held position that “customers’ funds were invested in Ghana with private and government institutions and government projects”.
It was based on the prudent investments that till today, Groupe Nduom still stands by its claim that government agencies and the contractors they gave legitimate contracts to owe the Groupe, more than 3 billion Ghana cedis that is continuing to attract interest.
The ruling further proves the point that if those who had taken money placed with them had paid even 15 % of what was due GN Bank/GoldCoast/Blackshield, the companies would still have been in operation.
The suit was commenced by Writ of Summons and Statement of Claim issued at the Registry of High Court, Accra, Commercial Division dated October 11, 2019. Justice Shiela Minta was the presiding judge in the matter brought before the court.
By Ebenezer Owusu Ansah