Groupe Nduom sued in the US for $63m in supposed tax evasion, wire extortion

Ghanaian financial specialist and legislator, Dr Papa Kwesi Nduom and 18 others have been sued by a US-based organization for $63m in supposed tax evasion, wire fraud.”The Nduom family respondents, by and through their proprietorship, control and utilization of litigants GN Bank, Gold Coast Fund Management and more than 60 undercapitalised interrelated organizations gathered a few million dollars of contributor’s saving, venture commitments and protection expenses, and disregarding the U.S. also, Ghana laws illicitly washed roughly $63,000,000 of investors’ assets through its Virginia-based hoax ‘acquirement and counselling administration’ organization, International Business Solutions,” it expressed.

Portraying Dr Nduom’s tasks as one that would “shut Bernie Maddoff down”, the writ further expressed that the implied “criminal plan” included “worldwide cash wire framework – of expanded, over-invoiced or more market-rate charges camouflaged as instalment for ‘the board administration'”.

“Offended party further affirms that Nduom family respondents overwhelm and control the Corporate Defendants and the connected at least 60 organizations, and in this manner, these elements coexist their assets and different resources and neglect to isolate the assets of the different elements. There is likewise the unapproved redirection of corporate assets or resources for non-corporate employments”.

The offended party alluded to the new tidy up in the financial area which influenced Nduom’s bank, saying, “a generous bit of its [GN Bank] advances were unlawfully made to Nduom-related elements without the advantage of fitting danger evaluations, administrations or determinants”.

“Groupe Nduom-GH (GN-GH) is entirely possessed, ruled and constrained by Nduom and his family for the sole individual advantage of Nduom. Having neglected to meet its controller’s passing standards, respondent GN-GH was at first minimized and renamed from a business banking house to a Savings and Loans Company.

By Laud Nartey|3news.com|Ghana

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