• Live Radio
  • Videos
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Live Radio
    • Photos
  • Election 2020
Local News
 
 
 
Home Business Banking/Finance 202008

35 SDIs Records To Enable Validation, Settlement Of Depositors’ Claims Can’t Be Traced – Receiver

31-Aug-2020
/ Banking/Finance, Business
Email
Print
Comments 0
(0)
Comments
Share on Facebook Share on Twitter
 

Thirty-five out of the resolved 370 microfinance companies and savings and loans companies and finance house companies, all Specialised Deposit-taking institutions (SDIs), have no books or records to enable validation and settlement of depositors’ claims.

Receiver of the resolved companies, Eric Nana Nipah, in a statement issued on August 28 in Accra, said, claims of depositors of the 35 companies was worth approximately GH¢252 million.

The companies include Abis Plus Microfinance Limited, African Trust Microfinance Limited, AG Microfinance Limited, Bedel, Bengay Microfinance Limited, Big Dreams Microfinance Limited, Godigo Microfinance Limited, Crown Capital Microfinance Limited, Boin Microfinance Limited, D-Vanc Microfinance Limited, Elite Microfinance Limited, ICS Microfinance Limited and Liberty Daily.

The rest are Kingdom Trust Microfinance Limited, Kapital Express Microfinance Limited and Golden Trust Microfinance Limited, Star Plus Microfinance Limited, Noble Dream Microfinance Limited, Man Capital Microfinance Company, Royal Future Microfinance Limited, Era Microfinance Services Limited, among others.

Mr Nipah noted that his outfit was working with the Economic and Organised Crime Office (EOCO) to locate and retrieve the records of the affected companies, in order to be able to validate and settle depositors’ claims made on these companies.

At the commencement of the resolution process, he said, his office was unable to locate and secure both manual and electronic books and records of 157 companies, because they were non-operational long before the Bank of Ghana (BoG) revoked their licences.

Following the collaborative arrangement with the EOCO on assets tracing and investigations, however, the Receiver said, his outfit had been able to retrieve books and records from 131 of those companies, which were not operational at the commencement of the liquidation exercise.

The BoG on May 31 and August 16, last year, revoked the operating licences of 347 microfinance companies and 23 savings and loans and finance house companies respectively for breaching the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

It explained that the revocation of the licences of these institutions was to get rid of insolvent and dormant institutions that have no reasonable prospects of rehabilitation and have denied depositors access to their deposits, thereby constituting a threat to the stability of the financial system.

It said, by the revocation of these licences, the BoG sought to protect the stability of the financial system and to protect affected depositors.

In accordance with Section 123(2) of the Act, the BoG further appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers Ghana Limited (PwC), as the Receiver for the purposes of winding down the affairs of these companies.

The Receiver was mandated under Section 127(3) of Act 930 to maximise asset realisations for the benefit of creditors including, depositors, as well as settle the obligations of the company to its creditors.

Source: The Ghanaian Times

 

 
 

 

Comments ( 0 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video
Previous Post

My Govt Has Paid 98% Of Depositors Of Collapsed Banks, Microfinance Companies - Akufo-Addo

 
 

More Stories

ThunderCore's Rise: Why It's Grabbing Attention
EURS: Stablecoin with a Euro Backing
Pirate Chain (ARRR): Unearthing Digital Gold
Fidelity Partners DBG, FAGE, Eco.Business DF To Boost Export Trade In Ghana
Absa Bank Partners AngloGold Ashanti To Grow Smes And Transform The Economy Of Obuasi
Stanbic CE Encourages Young Graduates To Embrace Perseverance And Resilience
Vodafone Ghana Reaffirms Commitment For Smes With Unique Offers In SME Month 2023
OmniBSIC Bank Forges Deeper Collaboration With China For Mutual Prosperity
Standard Bank Successfully Closes USD 250 Million Sustainable Term Loan With IFC

  Ghana Business News

  • General News
  • Economy
  • Banking & Finance
  • Stock Market
  • Industry/Manufacturing


 
 

Other Banking/Finance Stories

  • ThunderCore's Rise: Why It's Grabbing Attention

  • EURS: Stablecoin with a Euro Backing

  • Pirate Chain (ARRR): Unearthing Digital Gold

  • Fidelity Partners DBG, FAGE, Eco.Business DF To Boost Export Trade In Ghana

  • Absa Bank Partners AngloGold Ashanti To Grow Smes And Transform The Economy Of Obuasi

  • Stanbic CE Encourages Young Graduates To Embrace Perseverance And Resilience

  • Vodafone Ghana Reaffirms Commitment For Smes With Unique Offers In SME Month 2023

  • OmniBSIC Bank Forges Deeper Collaboration With China For Mutual Prosperity

  • Standard Bank Successfully Closes USD 250 Million Sustainable Term Loan With IFC

  • Fidelity Bank And SDGs Advisory Unit, Office Of The President, Forge A Strategic Partnership For Sustainable Development Goals

 

 
 

Popular Videos

GHANA MONTIE with MAC-JERRY OSEI AGYEMAN on NEAT 100.9 FM (THURSDAY 21-09-23)

#MeManNti with ADAKABRI FRIMPONG MANSO on NEAT 100.9 FM FRIDAY 22/09/23)

Peace Power Sports (22/09/2023)

#MeManNti with ADAKABRI FRIMPONG MANSO on NEAT 100.9 FM FRIDAY 22/09/23)

YE KO FIE with OLA MICHAEL on NEAT 100.9 FM FRIDAY 22/09/23)

Peace Power Sports (22/09/2023)

Peace FM Online and Despite Media

peacefmonline.com offers its reading audience with a comprehensive online source for up-to-the-minute news about politics, business, entertainment and other issues in Ghana

Follow us on social media:

Category

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • Trivia
  • Foreign
  • Audio
  • Photos
  • Videos
  • Elections
Decision Time
Ghana Election 2020 2016 Elections
Services
Live Radio Audio on Demand Ghana Elections Advertise with Us
Useful Links
Despite Media About Us Contact Us Feedback Form Terms and Conditions Privacy
Our Brands
Despite Media UTV Peace FM Okay FM Hello FM Neat FM Peacefmonline
  • About
  • Advertise
  • Terms & Conditions
  • Contact
  • Privacy

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Articles
  • Trivia
  • Foreign
  • Live Radio
  • Photos
  • Videos
  • Audio
  • Election 2020

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media