The conversion of GN Bank into Savings and Loans Limited was an erroneous descision taken by NPP government, a financial expert Mr. Emmanuel Somuah has indicated.
The downgrading of the financial institution in question by government into a savings and Loans according to his assertion has given Dr. Papa Kwasi Nduom a collosal liberty to do more harm to customers whose deposits have been locked up.
He explained to Ghanawish.com in an exclusive dialogue that Savings and Loans is a limited liability and that should the business run at a loss, deposits of customers will be affected since their monies will not be released to them under that state.
Unlike Banks, Papa Kwasi Nduom per the current state of what was called GN Bank he disclosed can’t be arrested for the release of locked up deposits of customers.
Mr. Emmanuel Somuah expressed disappointment in government for failing to sort out customers even before considering reducing the status of GN Bank .
“Government shouldn’t have downgraded Dr. Nduom’s GN Bank let alone giving him the go ahead to operate when customers have not been sorted out.
“Since his institution was downgraded, he has not been able to pay any entity or individual a pesewa all because he is currently operating as a limited liability” he revealed.
According to the financial expert, the issuance of Savings and Loans certificate by government to Dr. Papa Kwasi Nduom is a portrait of a political game at the blind side of Ghanaians.
“Why should government go ahead to issue a savings and Loans licence to Dr Nduom when his issue has not been solved. This is totally nonsense”
“Nduom is not greater than Ghana and government should not behave as if there is no judiciary system in the country”.
According to him, NPP government has not been fair to customers of the former GN Bank now GN Savings and Loans.
Mr. Emmanuel has therefore called on authorities to rise up and address the matter.
Source : Ghanawish.com
