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The U.S.-based equity fund and securities investment company Birim Group LLC has sued Groupe Nduom, a conglomerate owned by Ghanain tycoon and politician, Dr. Papa Kwesi Nduom, accusing it of laundering $63 million, Joy Online reported.
Nduom is the former face and founder of Ghana’s Progressive People’s Party.
The case filing with the U.S. District Court for the Northern District of Illinois can be read here.
In a statement, Birim Group claimed that the Nduom and his family collected millions of dollars in depositor savings, investment contributions and insurance premiums through their GN Bank, Gold Coast Fund Management and over 60 undercapitalized interrelated companies in violation of U.S. and Ghanian law. It added that they have laundered illegally about $63 million in depositor funds through a Virginia-based “sham ‘procurement and consulting service’ company, International Business Solutions.”
Nduom, his wife Yvonne Nduom and their children, Nana Kweku Nduom, Edjah Nduom and Nana Aba Nduom are the defendants in the case due to their official capacities in the business. The U.S.-based company claims Groupe Nduom engaged in illegalities for the “sole personal financial benefit of the Nduom family” and used his businesses as a conduit to “facilitate the unlawful acts.”
However, the Ghana-based conglomerate has described the accusation as a political smear campaign and filed for a motion to dismiss the case.
In a statement, Groupe Nduom claimed that Birim Group’s complaint misused the court to smear Nduom. “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,” it continued.
Groupe Nduom’s lawyers also said the case contains allegations without evidentiary grounding.
