Dr. Nduom Isn't A Majority Shareholder Of GN Bank - GN Bank MD

The Managing Director of GN Bank, Issah Adams has dismissed speculations that Dr. Papa Kwesi Nduom siphoned the bank's customer deposits to pay off his filing fees to the EC. The disqualified Presidential candidate of the Progressive People's Party (PPP), Dr. Nduom, has been invited by EOCO to account for his source of funds. The EOCO demands answers on how Dr. Nduom paid GHC 1.7 million for the party's Parliamentary candidates and GHC 50,000 to file his Presidential nomination. Speaking in an interview with host Kwami Sefa Kayi on Peace FM's 'Kokrokoo', the MD of GN Bank stressed that Dr. Nduom did not pay his filing fees through the bank's account. He indicated that “PPP is a customer of GN Bank. Dr. Papa Kwesi Nduom is a customer of GN Bank as well. Now, PPP has an account with us and they have funds in their account. And from normal banking practices, if you’re issuing a draft for a customer; the customer will make a request to you that out of my fund, issue a draft payable to a particular person. In our case, the PPP issued instructions to us to issue a banker’s draft in favour of the Electoral Commission of Ghana. And that was exactly what we did . . . So, it’s PPP’s fund that was issued to the EC of Ghana.” He further debunked claims that Dr. Nduom is a majority shareholder in the bank; a reason why his critics believe he used the bank's account to file his fees. Mr. Adams emphasized that Dr. Nduom has never been the "majority shareholder of the bank. It is a company that he owns shares in, which is the majority shareholder of the bank. So, if you look at our shareholders’ structure; we don’t have Dr. Papa Kwesi Nduom there as a shareholder. “No draft was prepared by GN Bank to cover his fees as a Presidential candidate. The draft that we issued was for 1.7 million Ghana cedis and I think that was for the Parliamentary candidates and it was based on the instructions issued to us by the Progressive People’s Party – the National Treasurer of the party.” He therefore expressed his resentments over the rumour-mongering, saying "it's so unfair to say the least because GN Bank is a separate corporate entity. Dr. Papa Kwesi Nduom is a businessman. Yes, if he either has shares in the bank; he does not control the bank. And for that matter, for news to be going out there as if Dr. Papa Kwesi Nduom came and dipped his hands into the coffers of GN Bank and prepared the draft payable to the EC of Ghana, I think it’s most unfortunate. Because we operate professionals – as a bank – and we observe all the rules of the bank of Ghana.”

Source: Ameyaw Adu Gyamfi/Peacefmonline.com/Ghana