Businessman and politician Paa Kwesi Ndoum has been given permission by the Supreme Court to appeal the High Court’s decision to revoke GN Bank’s license.
This comes after the Supreme Court overturned a previous ruling by the Court of Appeal that prevented it from appealing the revocation at the High Court.
As part of the effort to clean up the banking industry, GN Bank, which operated under the Groupe Nduom name, was among the financial firms whose licenses were withdrawn in 2018.
However, the Bank of Ghana and other respondents in the case requested a ruling from the Court of Appeal that arbitration is the proper mechanism for contesting the revocation under the Specialized Deposit-Taking Institutions Act.
The High Court’s actions were stayed by the Court of Appeal, which also ordered the parties to arbitrate their dispute.
Following this Court of Appeal ruling, Groupe Nduom petitioned the Supreme Court to review the Court of Appeal ruling once more.
After considering the case, the supreme court issued an order in Paa Kwesi Nduom’s favor.
