Ghanaian business man and politician Paa Kwesi Nduom and his family are facing a court action in the United States of America.
He and his family have been accused of money laundering, wire fraud, breach of contract, negligence, among others.
The Brim Group, the company suing them alleges that the Nduom family and the numerous corporations they control, took advantage of Ghana’s weak regulatory framework to perpetuate many criminal and racketeering activities.
“Here’s what they did: The Nduom family defendants set up a bank in Ghana, a country with a notoriously weak regulatory environment, collected, aggregated and converted the hard-earned income of local working-class depositors and, in violation of U.S. and Ghana laws, laundered it through sham and undercapitalized companies they controlled, and recycled the laundered funds in the U.S. to acquire ‘legitimate’ assets, including the Illinois Service Federal Bank. Unfortunately, and sadly, defendants’ racketeering crime only unraveled after it had caused untold hardship and much damage to more than a million people, including plaintiff’s assignors, whose savings they stole,” the US-based firm alleged in the writ.
The firm alleged also that Nduom family through their ownership, control and use of GN Bank, Gold Coast Fund Management and over 60 undercapitalised interrelated 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 million of depositors’ funds through its Virginia-based sham “procurement and consulting service” company, International Business Solutions (IBS).
“Believing the U. S. to be a safe haven for the proceeds of their fraud, the criminal scheme involved, among other things, the transfer – through the instrumentality of the international money wire system – of inflated, over-invoiced and above-market rate fees disguised as payment for “management services” to defendant IBS. In fact, IBS is nothing but a shell company with an industrial zone storefront office, no staff and a bare-bones 4-page website created solely to facilitate the Nduom defendants’ fraud.
The legal team of the plaintiff in the matter, Birim Group, is led by Kwasi A. Asiedu.
Since the shocking news broke, Ghanaians have taken social media to react to the story some even dragged Hushuppi into the issue.
Lawyers of the Ndoum family say they have filed a request for the court to dismiss the case because it had no merit.
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