The Counsel for Papa Kwesi Nduom, Cletus Alengah, has explained that the process of restoring GN Bank’s operations would depend heavily on engagements with the receiver and the Bank of Ghana following the court ruling in favour of the shareholders.
He indicated that the institution’s assets, records and branch infrastructure remain under the control of the receiver after nearly seven years of administration.
According to him, the legal team expects a complete transfer of the bank’s operational materials to support the restoration process. He stated that customer data, computers and branch facilities across the country would need to be returned before management could take further decisions on reopening operations.
From his view, the lengthy administration period should make the transition process clearer because detailed records are expected to exist. He added that the receiver would also be required to provide handing over notes to explain developments that took place during the years of administration.
Mr Alengah further disclosed that the shareholders remained committed to reviving the business despite the prolonged legal battle. He explained that the bank’s owners had consistently shown interest in returning to operations because of the investments made into the institution before the revocation of its licence.
“The assets are currently in the hands of the receiver, including offices across the country. We need all those things back before the next steps can begin.”
Cletus Alengah
The Counsel also stressed that the institution previously created employment opportunities for thousands of Ghanaians before the shutdown. He recalled that the company employed close to 2,000 workers and operated one of the largest branch networks in the financial sector at the time.
Meanwhile, he noted that the shareholders are eager to restore services to customers who depended on the institution before its licence was revoked. He explained that the focus now centres on rebuilding operations and reconnecting with clients across the country.
In addition, Mr Alengah stated that the company’s nationwide presence remains an important part of its long term vision. He suggested that the restoration of operations could help revive confidence among customers who previously relied on the bank’s services in many communities.
Appeal Victory Ends Seven Year Legal Struggle Over Bank Licence
The Counsel for Papa Kwesi Nduom, Cletus Alengah, stated that the Court of Appeal’s unanimous decision followed careful consideration of the legal arguments presented by the shareholders. He explained that the legal team remained confident in the case despite losing at the High Court during the early stages of the dispute.
According to him, the appeal process provided another opportunity for the evidence to be reviewed by a larger panel of judges. He noted that the legal system allows dissatisfied parties to challenge decisions through higher courts when they believe their arguments were not properly upheld.
From his perspective, the Court of Appeal accepted the submissions that had earlier been rejected at the High Court. He added that the unanimous ruling strengthened the shareholders’ confidence in the legal process after years of litigation.
“We were still confident in our case, so we filed our appeal for the panel of three to take a second look at it, and the decision was unanimous.”
Cletus Alengah
Furthermore, Mr Alengah explained that the outcome marked an important turning point for the shareholders after seven years of legal uncertainty. He said the ruling has now opened the way for discussions on restoring operations and recovering institutional assets.
Depositors’ Records To Be Reviewed During Restoration Talks
The Counsel for Papa Kwesi Nduom, Cletus Alengah, revealed that discussions with the receiver would be necessary to determine the status of depositors whose funds were affected during the administration period. He explained that the shareholders have not been directly involved in the company’s affairs since the receiver assumed control.
According to him, the legal team and shareholders do not yet have complete knowledge of payments, claims and transactions carried out during the seven year administration period. He stated that these matters would require verification before the restoration process moves forward.
Mr Alengah further indicated that the shareholders still possess records of customers who held accounts before the licence revocation. However, he explained that developments under the receiver’s management remain unclear to the former operators of the institution.
“For the past seven years, our clients have never been in charge of the company. We do not know who has been paid and who has not been paid.”
Cletus Alengah
In addition, he stressed that engagements with the receiver would help clarify unresolved claims linked to depositors and the bank’s operations. He added that resolving those matters remains important before full business activities can resume.
Shareholders Focus On Business Restoration Before Compensation Discussions
The Counsel for Papa Kwesi Nduom, Cletus Alengah, explained that the immediate focus of the shareholders remains the restoration of the bank’s licence and operations. He stated that this objective formed the basis of the legal instructions given to the legal team from the beginning of the court battle.
According to him, the legal team concentrated on securing the reinstatement of the licence, which has now been achieved through the court ruling. He added that discussions on possible redress for years of lost business activities have not become the current priority of the shareholders.
Furthermore, Mr Alengah stated that the successful appeal has created an opportunity for the institution to begin rebuilding operations after years of inactivity. He noted that the shareholders are now focused on returning the company to active business and restoring services to customers across the country.
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