-Dr. Nduom Alleges
Global Chairman of Groupe Nduom, Dr. Papa Kwesi Nduom, has said some government elements, within the current administration, deliberately attempted to downsize his conglomerate.
The entrepreneur and politician alleged that some officials of the government used the financial sector cleanup exercise as a guise to attack and destroy the business that he has toiled to build over a decade.
Dr. Nduom lost his banking license for GN Bank and Gold Coast Fund Management through the financial reforms and the ripple effects led to his other businesses in the conglomerate crumbling down.
The upheaved Dr. Nduom said that the entire exercise which culminated in the downfall of his businesses was a deliberate ploy to serve the interest of some people who felt threatened by the progress and success of Groupe Nduom.
Speaking at his weekly broadcast to vent his frustrations, the Chairman of the now-struggling Groupe Nduom alleged that “a legitimate indigenous Ghanaian conglomerate called Groupe Nduom that has taken decades to grow and develop was deliberately and maliciously marked for destruction to meet the political needs of a few people and serve the business interest of an even smaller number of people.”
To justify this damning accusation, Dr. Nduom argued that just like him and other victims of the malicious and deliberate destruction of businesses, he claims that beyond the forced closures of financial institutions, key assets, customer bases, and even managed funds were seized and transferred to other parties.
This transfer, he insists was not conducted under due proper competitive process. without due process.
“Some businesses were not just collapsed. Some businesses collapsed and some of their assets, some of their customers, some of the funds that they manage were taken and given to other people,” he noted adding that, “when they were taken and given to the other people, those who gave them to other people didn’t go through any competitive or any process.”
Dr. Nduom’s accusations have reignited debate over whether the government’s financial sector reforms were conducted with impartiality or if they were weaponized against political and economic opponents.
He called for an independent investigation into the conduct of the cleanup, demanding accountability from those who orchestrated the transfer of assets without following proper procedures.
