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Business News of Saturday, 22 May 2021


Groupe Nduom claps back after US money laundering suit

Dr Papa Kwesi Nduom is a businessman Dr Papa Kwesi Nduom is a businessman

• Lawyers for Groupe Ndoum have denied accusations of money laundering and fraud levelled against them by a US firm

• US-based Birim Group has sued Groupe Ndoum for US$63 million over the claims

•Lawyers for Groupe Ndoum have filed a motion for the dismissal of the case in a court in Illinois, United States

Dr Papa Kwesi Nduom and his firm, Groupe Nduom, have reacted to a suit filed against the company by US-based Birim Group LLC.

The development comes after the equity fund and securities investment company, Birim Group sued the owner of Groupe Nduom over accusations of money laundering and fraud, amounting to US$63,000,000.

“The Nduom family defendants, by and through their ownership, control and use of defendants GN Bank, Gold Coast Fund Management and over 60 under-capitalised inter-related companies, collected several million dollars of depositors’ savings, investment contributions and insurance premiums and, in violation of U.S. and Ghana laws, illegally laundered approximately $63,000,000 of depositors’ funds through its Virginia-based sham ‘procurement and consulting service’ company, International Business Solutions,” portions of the writ read.

But in a motion filed on 5 April 2021 for the dismissal of the case in a court in Illinois, United States, Lawyers for the defendants and Groupe Ndoum pointed the aspersions and innuendos contained in the suit were a calculated political smear.

They added that Birim Group, LLC’s complaint amounted to “misusing” the court “to smear a Ghanaian entrepreneur and politician", adding, “Birim Group itself is a murky LLC, whose members the complaint does not identify”.

“It does not claim to have had any dealings with Dr Nduom or the other defendants”, portions of their response read.

Read the Nduoms' response below: