An Equity Fund and Securities Investment Company based in the United States, Birim Group LLC, has brought charges against the founder and former flagbearer of the Progressive People’s Party, PPP, Dr Papa Kwesi Nduom.
In a writ, Groupe Nduom, the umbrella company for 60 other businesses owned by Dr Nduom is being accused of laundering a total of 63 million dollars.
The writ further stated that the purported scheme involved an international money wire system – of inflated, over-invoiced and above-market rate fees disguised as payment for ‘management service.
Dr Nduom, his wife and children in their official capacities in the business are all named as defendants in the suit. The plaintiff, Birim Group LLC further alleges that Groupe Nduom engaged in these illegalities for the “sole personal financial benefit of the Nduom family” and used his businesses as a conduit to “facilitate the unlawful acts”.
Reference was also made to the recent cleanup in Ghana’s financial sector where the plaintiff claims a substantial portion of its GN Bank loans were illegally made to Nduom-related entities without the benefit of appropriate risk assessments, managements or determinants”.
Among the many reliefs being sought, are “treble compensatory damages, as well as, consequential, exemplary and punitive damages in an amount to be determined by trial. They also want the court to order “disgorgement of all profits, benefits and other compensation obtained by defendants including all ill-gotten gains from their illegal activities.
The case was filed in the Federal Court in Chicago in November 2020 against Dr. Papa Kwesi Nduom and related parties. The Birim Group filed the lawsuit is led by a lawyer called Kwasi Asiedu.
Meanwhile, Dr.Nduom’s lawyers say the claims alleged by Birim Group LLC are meritless and will make its arguments before the Court.
