Business News of Sunday, 11 August 2019
The Finance Ministry has finally confirmed its indebtedness to Groupe Nduom, which was said to be in dispute for some time now.
This is coming after a suit filed in a commercial court by Gold Coast, a subsidiary of Groupe Nduom, to compel the Finance Ministry, Contractors, Roads Ministry and others to pay over ¢19 million of overdue certificates plus interest.
Details of the “contested” debts
Initial reports sought to contest government owing Groupe Nduom, with sources close to the Finance Ministry putting the debt later at around at ¢3.1 million, a claim that was contested by the Groupe.
However, documents sighted by JoyBusiness may support claims that the debt is now far more than the ¢3.1 million that was quoted.
The Finance Ministry in a letter also sighted by JoyBusiness admitted owing over ¢30 million in overdue payments for certified projects without interest. But this has been contested again by Groupe Nduom.
According to the Groupe in one of its documents, it insisted that the certified projects with interest exceed ¢300 million.
The certified projects some of which have been outstanding for three years are part of the ¢2.2billion infrastructure projects including completed and ongoing ones funded by Gold Coast.