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US-based company sues Groupe Nduom, 18 others alleging money laundering, wire fraud

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An equity fund and securities investment company based in the United States, Birim Group LLC, has brought charges against the founder and former flagbearer of the Progressive People’s Party (PPP), Dr Papa Kwesi Nduom.

In a writ sighted by myjoyonline, Groupe Nduom, the umbrella company for 60 other businesses owned by Dr Nduom is being accused of laundering a total of $63,000,000.

“The Nduom family defendants, by and through their ownership, control and use of defendants GN Bank, Gold Coast Fund Management and over 60 undercapitalised 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,” it stated.

Describing Dr Nduom’s operations as one that would “put Bernie Maddoff 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’”

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Dr Nduom, his wife Yvonne Nduom, their children, Nana Kweku Nduom, Edjah Nduom and Nana Aba Nduom in their official capacities in the business are all named as defendants in the suit.

“Plaintiff further alleges that Nduom family defendants dominate and control the Corporate Defendants and the related 60 or more companies, and in so doing, these entities commingle their funds and other assets and fail to segregate the funds of the separate entities. There is also the unauthorised diversion of corporate funds or assets to non-corporate uses”.

The plaintiff, Birim Group LLC further alleges that Groupe Nduom engaged in these illegalities for the “sole personal financial benefit of the Nduom family” and used his businesses as a conduit to “facilitate the unlawful acts”.

Reference was also made to the recent cleanup in Ghana’s financial sector where the plaintiff claims “a substantial portion of its [GN Bank] loans were illegally made to Nduom-related entities without the benefit of appropriate risk assessments, managements or determinants”.

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“Groupe Nduom-GH (GN-GH) is wholly owned, dominated and controlled by Nduom and his family for the sole personal benefit of Nduom. Having failed to meet its regulator’s qualifying criteria, defendant GN-GH was initially downgraded and reclassified from a commercial banking house to a Savings and Loans Company.

“On or about August 16, 2019, its license was formally revoked by its regulator, the central Bank of Ghana”.

The plaintiff believes that the “manipulations and liabilities” among Groupe Nduom’s entities effectively resulted in the “diversion of assets from one business entity to the Nduom defendants and their other entities to the detriment of creditors and depositors”.

Among the many reliefs being sought, Birim Group LLC, acting as assignors, are asking for “treble compensatory damages, as well as, consequential, exemplary and punitive damages in an amount to be determined by trial.

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They also want the court to order “disgorgement of all profits, benefits and other compensation obtained by defendants including all ill-gotten gains from their illegal and criminal activities.

A case was filed in Federal Court in Chicago in November 2020 against Dr. Papa Kwesi Nduom and related parties.

The Birim Group who filed the lawsuit is led by a lawyer of Ghanaian origin called Kwasi A. Asiedu.

Meanwhile, Nduom’s lawyers say, “The claims alleged by Birim Group LLC are meritless. We have filed for dismissal of this baseless complaint and will make our arguments to the Court.”

Source: Freddie W. Menz (Myjoyonline.com)

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Ice Spice remix stamps Cash Cobain’s “Fisherrr” as the Song of the Summer

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Billboard Rookie of the Month, and multi-hyphenate NYC star, Cash Cobain has just linked up with Ice Spice for the long-awaited video remix for “Fisherrr”(feat. BaySwag) [18m+ Streams]. After bubbling the past few years with R-rated anthems over his own ethereal production – creating the playful “sexy drill” sound that he’s pioneered and taken to mainstream heights, Cash Cobain is stamping himself as a serious song of the summer contender with this remix.

Following up his two smash singles “Dunk Contest” (8m+) and “Fisherrr” (pronounced, ‘for sure), Cash is primed for his moment in the spotlight ––  hitting 1M Monthly Listeners on Spotify, Top 3 NYC Shazam Charts, having occupied the #1 + #3 slots of the NYC Apple Music Charts, hitting #45 on the Urban Radio Charts and counting, and now landing Ice Spice’s third feature ever  –– in the words of COMPLEX, “the summer of 2024 is looking very slizzy”. On the highly-anticipated remix, Ice Spice is simply in top-tier shape.

Adding her signature magnetic ‘it-girl’ flair, charming cadence, and instantly-coinable one-liners, she bolsters the lightning-hot single into astronomical territory with the opening lines –– “Got an attitude but I’m feelingless, so I ain’t mad at you, And I’m tatted too on this fatty-tude, I’m the baddest boo”.

The long-overdue collab from the two Bronx natives is seamless, with her being a tailor-fit alongside the ethereal, dreamy production and silky smooth verses from Bay Swag and Cash. With the recent releases of “Dunk Contest” (watch Genius ‘Open Mic’)  and now the Ice Spice-assisted remix for “Fisherrr” (feat. BaySwag), Cash Cobain is using his collaborative momentum from last year to continue elevating his signature sound, showcasing its influential and ever-growing widespread appeal in the process. In the words of Cash:“It’s a beautiful record. It feels amazing, it feels like NYC is back stronger than ever with me and Spice -– two Bronx legends. Get ready for the song of the summer.” 

Last month, Cash took over NYC with his birthday show, ‘Slizzyfest’ at Irving Plaza –– a night that was slated as a stacked lineup of NY’s finest, with rumors of an A-list superstar surprise set. After chatter spread online and the hype reached a fever pitch, the crowd became too much to handle and the show was ultimately canceled –– but Cash wanted to give the fans their money’s worth so he ventured into Union Square and threw a makeshift show with his crew, a Bluetooth speaker, and hundreds of adoring fans (read ‘I Went to Cash Cobain’s Slizzyfest and All I Got Was That Classic NYC Feeling’ via Rolling Stone + statement in Billboard).

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Also in Billboard, Cash recently teased potential collaborations with Frank Ocean, Travis Scott, Don Toliver (seen filming a music video here), Lil Yachty and more –– a surefire sign of the worldwide stardom soon to come. These recent releases arrive on the heels of a career-defining year in 2023 that closed with the production of PinkPantheress“Nice To Meet You” (feat. Central Cee), which debuted at #20 on Billboard Hot 100 (he also starred alongside her in a nationally-syndicated Apple commercial for the new MacBook).

This was preceded by producing Drake’s “Calling For You” (feat. 21 Savage), which debuted at #5 on the Billboard Hot 100, DJ’ing at Travis Scott‘s Cactus Jack x Audemars Piguet event, and releasing his critically-acclaimed debut solo album Pretty Girls Love Slizzy with Giant Music.

Please find links to stream the new “Fisherrr” Remix (feat. Ice Spice) below, and stay tuned for more announcements:

“FISHERRR” REMIX (FEAT. ICE SPICE) – OUT NOW
WATCHLISTEN
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Tobinco Pharmaceuticals LTD donates drugs worth GHc 155k to Lekma Hospital in celebration of World Malaria Day.

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In commemoration of World Malaria Day, Tobinco Pharmaceuticals Limited exemplified its commitment to healthcare by donating an anti-malaria drug worth GH155,000 to the LEKMA Hospital in Teshie. (more…)

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Celestine Donkor Sets the Record Straight on Weight Loss Surgery Speculation

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Award-winning Ghanaian artist, Celestine Donkor has addressed speculations regarding her potential pursuit of weight loss surgery, clarifying that she hasn’t made any decisions in that regard. (more…)

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Akua Music unveils heartfelt music video for hit single ‘Miss You Bad’

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Akua Music, the acclaimed singer-songwriter known for her soulful melodies and emotive lyrics, has just released the highly anticipated music video for her latest single, ‘Miss You Bad.’ The video, directed by Joseph Amino, captures the essence of the song’s message and showcases the singer’s raw talent and creativity. (more…)

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Diana Asamoah Takes Legal Action Against Assistant Pastor for GH₵4K Theft

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Contemporary gospel musician and evangelist, Diana Asamoah has taken action leading to the arrest of her assistant pastor, Reverend Kwame Asante, for an alleged theft of GH₵4000 from her mobile money account. (more…)

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Guru Announces Intentions for UG SRC Election

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Ghanaian rapper and fashion designer, Maradona Yeboah Adjei, professionally known as Guru has expressed his intention to run for a position in the Student Representative Council (SRC) elections at the University of Ghana, Legon. (more…)

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