Paa Kwesi Ndoum, a businessman and politician, has been permitted by the Supreme Court to file a lawsuit in the High Court challenging the suspension of GN Bank’s licence.
The decision by the Supreme Court comes after a previous ruling that invalidated a decision by the Court of Appeal that barred it from contesting the revocation at the High Court.
In 2018, as part of the effort to clean up the banking industry, the licences of several financial institutions, including GN Bank, which operated under the Groupe Nduom brand, were revoked.
The bank’s founder, Paa Kwesi Nduom, filed a lawsuit in the High Court to overturn the revocation.
However, respondents in the case, including the Bank of Ghana, asked the Court of Appeal to rule that the proper forum for challenging the revocation under the Specialised Deposit-Taking Institutions Act is through arbitration.
The Court of Appeal granted their application, stayed proceedings at the High Court, and directed the parties to go for arbitration.
Groupe Nduim then headed to the Supreme Court where the court ruled in his favour.
Source: rainbowradioonline.com