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Ghana central bank asks court to dismiss Groupe Nduom's license restoration case

Ghana's central bank and Attorney General Gloria Akuffo filed a motion for the high court to dismiss Ghana-based Groupe Nduom's case to restore the canceled license of its local unit GN Savings and Loans, MyJoyOnline reported Oct. 16.

The central bank's lawyers said cases involving a financial institution's insolvency and license revocation must be taken to arbitration and thus the court's jurisdiction was erroneously invoked and it should refer the case to arbitration, according to the report.

In August, the Bank of Ghana revoked licenses of 23 financial institutions it deemed insolvent. Groupe Nduom Chairman Papa Kwesi Nduom sued the central bank, claiming that GN Savings and Loans is "not only solvent, but would be highly liquid" if the government pays back the money it owes the company.

Groupe Nduom also said the unit did not receive any official communication from the country's central bank over revoking the unit's license due to insolvency.

The case has been adjourned to Oct. 24 in a short hearing, according to the report.