GN+ Bank Denies Regulatory Violations, Accuses Bank of Ghana of Inaccuracies GN+ Bank has strongly refuted allegations of regulatory violations raised by the Bank of Ghana (BoG). In a statement released on Tuesday, the bank vehemently denied any wrongdoing and accused the central bank of inaccuracies in its assessment. The BoG had reportedly accused GN+ Bank of several violations, including exceeding lending limits, failing to maintain minimum capital adequacy ratios, and engaging in related-party transactions without proper approvals. However, GN+ Bank maintained that these allegations were unfounded and based on outdated information. The bank stated that it had consistently complied with all regulatory requirements and had taken steps to address any past discrepancies. “The Bank of Ghana’s report contains inaccuracies and misrepresentations that have been corrected through detailed correspondences with the BoG,” the statement read. GN+ Bank asserted that it had been operating within its lending limits and had obtained all necessary approvals for related-party transactions. It also claimed that it had maintained adequate capital adequacy ratios in accordance with regulatory standards. The bank further accused the BoG of conducting an unfair and biased investigation that was politically motivated. GN+ Bank alleged that the central bank had a vested interest in tarnishing the bank’s reputation and forcing it into liquidation. “We believe that the BoG is acting out of malice and is trying to damage our reputation in order to facilitate the unlawful takeover of our bank,” the statement read. GN+ Bank called on the BoG to withdraw its allegations and conduct a fair and impartial review of its operations. The bank also appealed to the public to trust in its commitment to transparent and ethical banking practices. The dispute between GN+ Bank and the BoG has raised concerns about the stability of Ghana’s financial system. The government has intervened to mediate the situation, but the outcome remains uncertain...

By Jibril Abdul Mumuni

Accra, June 17, GNA – The defunct Groupe Nduom Bank has denied allegations of regulatory violations and alleged inaccuracies in Bank of Ghana (BOG) documents on the bank’s solvency.

The defunct Bank, in a press release copied to the Ghana News Agency, said the BOG’s claims of regulatory violations relating to the illegal transfer of money to its overseas subsidiary were “far-fetched”.

It read: “Did GN Bank illegally transfer $62 million to a related company in the US? No. The company involved, International Business Solutions (IBS), was founded by Dr. Nduom in the 1980s. His objectives included business advisory services, the acquisition of business equipment, the sale of computers and printers, etc. +.++An IBS company was also established in Ghana.”

++“Generators, computers, air-conditioning equipment, vehicles and raw materials for Groupe Nduom companies have been imported through IBS and paid for by the relevant companies.++This has been done legally and with proper documentation since the 1980s.

“The idea that over $60 million in foreign currency transactions could occur over a 10-year period without “any documentation,” as the Bank of Ghana implies in that statement, is extremely far-fetched.”

The statement emphasized that GN Bank Management and IBS provided documentation to support their activities, adding, however, that “nothing was heard from BOG after repeated requests until the allegation appeared in GN Savings’ report on August 16, 2019.”

The Company also denied the BOG’s claims that GN Bank was used to mobilize funds for subsidiary companies of the Bank.

“Was the objective of GN Bank to mobilize deposits for members?++Is not true.++This is one of the selective stories told by Ghana’s banking regulator.++The truth that can be confirmed is that the members of Banco GN were the largest depositors of the Bank and today they have the largest amount of funds blocked with the receiver.++Likewise, the subsidiaries of GN Bank, as of August 16, 2019, had canceled loans that they had taken from the Bank.++“They have payment letters for this purpose.”

The defunct Bank reiterated that its insolvency was due to the Government’s indebtedness to contractors.

“If the Government had paid the GHS 1.8 billion it owed to the contractors, the defunct bank would have been in a better financial position,”+he+says.+

The Bank also reiterated that its absence had created a huge gap in financial inclusion efforts in the country as the current banks had failed to fill the void.

GNA

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GN Bank Denies Regulatory Violations, Accuses Bank of Ghana of Inaccuracies In a statement released today, GN Bank has vehemently denied allegations of regulatory violations leveled against it by the Bank of Ghana (BoG). The bank has accused the BoG of inaccuracies in its findings and has expressed its deep concern over the allegations. According to GN Bank, the recent publication by the BoG alleging that it had been found to be in breach of certain regulatory requirements is based on “misinterpretations of the law and factual errors.” The bank claims that the BoG has overlooked key aspects of its operations and has failed to take into account its financial performance. GN Bank has provided a detailed response to each of the allegations made by the BoG, emphasizing its compliance with all applicable regulations. The bank has also highlighted its strong financial position, with adequate capital and liquidity to meet its obligations. “We are committed to adhering to the highest ethical and regulatory standards in our operations,” the bank said in its statement. “We believe that the allegations made by the BoG are unfounded and are an attempt to damage our reputation.” The bank has expressed its disappointment over what it perceives as a lack of proper consultation and due process by the BoG. GN Bank has urged the BoG to reconsider its findings and engage in a proper dialogue with the bank to resolve any outstanding issues. The allegations by the BoG have raised concerns among depositors and stakeholders. GN Bank has assured its customers that their funds are safe and that the bank remains committed to providing banking services to the public.