The Bank of Ghana (BoG) and the Attorney General have filed a motion for the High Court to strike out a case brought to it by Dr Papa Kwesi Nduom challenging the decision to revoke the license of GN Savings and Loans.
Lawyers for the Bank of Ghana on Wednesday applied for the court to refer the case to arbitration and to make a declaration that the jurisdiction of the court is wrongly invoked.
According to the lawyers, the court’s jurisdiction has been wrongly invoked because a case involving insolvency of a financial institution and license revocation must be taken to arbitration before proceeding to the high court if a party feels aggrieved.
So far, the third respondent in the substantive case, Eric Nana Nipa is yet to file any motion.
At a short hearing, Justice Gifty Adjei Addo adjourned the case to 24th of October for the Applicant to move the motion.
Chairman of Groupe Nduom (GN), Dr Papa Kwesi Nduom, sued the central bank demanding it restores the licence of GN Savings and Loans.
Others attached to the suit are Finance Minister, Ken Ofori-Atta; Attorney General, Gloria Akuffo and the receiver of GN Savings and Loans Eric Nana Nipah.
Dr Nduom has argued that GN Savings is not the only solvent but would be highly liquid if the Finance Ministry and other government agencies quickly pay amounts owed them.