Elements in government orchestrated US suit against Nduom’s family – PPP alleges

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President of Groupe Nduom, Dr Papa Kwesi Nduom
President of Groupe Nduom, Dr Papa Kwesi Nduom

The Progressive People’s Party (PPP) believes the latest lawsuit filed against its founder, Dr. Papa Kwesi Nduom, in the United States of America was orchestrated by some officials of the governing New Patriotic Party.

“The suit filed in the United States by Birim LLC is actually a continuation of the deliberate and well-orchestrated political smear campaign against a Ghanaian businessman and politician, Dr. Papa Kwesi Nduom by some elements in the current administration,” the party insisted in a statement.

According to the PPP, the suit is also an attempt to divert the attention of Ghanaians from the shortcomings of the government.

“We see the suit as an attempt to divert attention from the negative image that the government has suffered for its high-handedness in the reform agenda. The suit is an attempt by elements in the government, working with their collaborators, to strenuously seek some form of external or third-party vindication for their deliberate collapse of the businesses of the veritable entrepreneur, Dr. Papa Kwesi Nduom. That is why we see the governor’s comments as a corollary to the bizarre suit and an unfortunate attempt to give the suit a cloth of legitimacy and currency,” the statement signed by the party’s Director of Communications, Felix Mantey, added.

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‘BoG Governor’s remarks on the suit in the US against Nduom mischievous’ – PPP

The Progressive People’s Party also slammed the Governor of the Bank of Ghana (BoG), Ernest Addison, over his recent remarks on the suit filed by an equity fund and securities investment company based in the United States, Birim Group LLC.

Mr. Addison had said the suit filed against Dr. Nduom and 18 others including his immediate family, proves that BoG’s financial sector clean-up was not a political witch-hunting exercise.

About the suit
Birim Group LLC, an equity fund and securities investment company based in the US, dragged Dr. Nduom, who is the Chairman of Groupe Nduom, and some of his relatives to court, over monies owed two clients who invested in Gold Coast Fund Management now Blackshield, and GN Bank.

The company accused Dr. Nduom of engaging in a number of illegalities for the “sole personal financial benefit of the Nduom family”, and used his businesses as a conduit to “facilitate unlawful acts”.

According to the writ, the plaintiff’s assignors “are victims of defendants’ fraudulent, avaricious and criminal conduct perpetrated on more than a million unsuspecting depositors who have lost their life savings because of defendants’ unlawful acts.”

But Dr. Nduom has denied all the claims.

He argued that the plaintiff has no direct business with him or the other defendants, and therefore does not have a case.

The Progressive People’s Party in its statement also took on the Governor of the Bank of Ghana, Dr. Ernest Addison, for his comments on the lawsuit.

Mr. Addison had said the suit filed against Dr. Nduom and 18 others, including his immediate family, proves that BoG’s financial sector clean-up was not a political witch-hunting exercise.

“I thought that you will congratulate the Bank of Ghana for the work that was done in trying to identify the problems in that bank. Many people were out there vilifying us that we were on a witch-hunt, but now, you’ve had people outside the country suing GN Bank for the same reasons.”

“So those who thought we didn’t have a basis for what we did, now the evidence is out there that what the Bank of Ghana was trying to do was the appropriate thing,” Mr. Addison had stated.

In their statement, the PPP rubbished these claims, describing them as “inaccurate, unfortunate and misleading.”

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