Legal Counsels for Groupe Nduom, Dr. Paa Kwesi Nduom, his family and other respondents in the money laundering and wire fraud suit filed against them in the United States, have described allegations in the suit as “meritless” and “without basis.”
They are therefore asking the Chicago-based Federal Court to dismiss the suit which was filed in November 2020, as they prepare to make their arguments in court.
Birim LLC, the plaintiff is a US equity fund and securities investment company incorporated in California.
Birim LLC claim that they were assigned the right to sue by two Ghanaian customers of GN Bank and Gold Coast Management – Nana Kwame Twum Barimah and Mavis Amanpene Sekyere, respectively.
In their writ, they accused Groupe Nduom and its directors, including Dr. Paa Kwesi Nduom, his wife and three of his children of having laundered a total of $63,000,000 via fraud wiring from Ghana to the United States.
The writ states that “The Nduom family (defendants) through their ownership, control and use of defendants GN Bank, Gold Coast Fund Management and over 60 undercapitalized interrelated companies, collected several million dollars of depositor’s saving, 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.”
Describing Dr Nduom’s operations as one that would “put Bernie Madoff to shame”, the writ further stated that the purported “criminal scheme” involved “international money wire system – of inflated, over-invoiced and above-market rate fees disguised as payment for ‘management service’”.
The suit named Dr. Nduom, his wife Yvonne Nduom, their children, Nana Kweku Nduom, Edjah Nduom and Nana Aba Nduom in their official capacities in the business as defendants in the suit.
The lead lawyer for the plaintiff is Kwasi A. Asiedu, a Ghanaian lawyer with the firm Schwartz & Asiedu Lawyers.
