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Groupe Nduom sued by US-based company over money laundering, wire fraud

A United States based equity fund and investment company, Birim Group LLC, has dragged the founder of Groupe Nduom, Dr Papa Kwesi Nduom to court. Groupe Nduom, the umbrella company for 60 other businesses has been accused of laundering a total of $63,000,000.

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

According to a report filed by JoyNews, Nduom, his wife Yvonne, their children, Nana Kweku, Edjah and Nana Aba are all named as defendants in the suit.

The Birim Group LLC further alleged that Groupe Nduom engaged in the illegalities for the sole personal financial benefit of the Nduom family” and used his businesses as a conduit to “facilitate the unlawful acts”. “Groupe Nduom is wholly owned, dominated and controlled by Nduom and his family for the sole personal benefit of Nduom,” the writ stated. 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”.

Birim Group LLC are asking for “treble compensatory damages, as well as, consequential, exemplary and punitive damages in an amount to be determined by trial.

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.

 

 

Source: Yen

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