Lawyer for businessman Dr Papa Kwesi Nduom, Cletus Alengah, has revealed that the recovery process following the Court of Appeal’s ruling on GN Savings and Loans will involve a detailed review of assets sold during receivership.

The Court of Appeal restored the company’s licence after overturning an earlier High Court decision that upheld the revocation during Ghana’s banking sector clean-up.

Speaking on JoyNews, Cletus Alengah acknowledged that some assets may already be in the hands of third parties after seven years under receivership.

“The Court itself recognised that some assets may have changed hands,” he explained.

According to him, the judges directed that assets acquired in good faith by third parties could remain with those buyers.

However, he stressed that every transaction would have to be examined individually.

“It will have to be looked at on a case-by-case basis,” he said.

Cletus Alengah also stated that the receiver must now account for proceeds generated from the sale of company assets during the period of administration.

“The receiver has to tell us where those proceeds are,” he added.

He indicated that any available proceeds from sold assets should form part of the company’s restored assets under the Court of Appeal ruling.