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    Deadline for debt exchange program moved to February 7 with new terms

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    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

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    Petrol to sell for GHS15 in February – IES

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    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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DKM Update: Court to hear case after granting bail to two executives

bycitibusinessnews
November 20, 2015
in Banking And Finance, Business, Top Stories
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A district court in Sunyani is expected to continue with a case brought before it by some customers of DKM microfinance seeking the court to order the company to pay them their locked up monies.

[contextly_sidebar id=”XCFeuUPkvM7gQ5cb0Wm9eiWaUVhjnMEm”]Two executives of DKM, the CEO, Martin Delle and a General Manager, Richard Xavi were on Tuesday granted bail after being remanded last Friday.

They were released after fulfilling the bail requirement of GH¢100,000 with two sureties.

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Today’s hearing will determine the next line of action of both the management and the affected customers.

This case notwithstanding, another district court has ordered that the management of DKM furnishes it with financial statements and all documents in the name of the company following a case brought before it by another group of aggrieved customers.

The head of communications of DKM, Ransford Agyeman in an earlier interview with Citi Business News was optimistic of moves by the company to pay all monies it owed customers although he could not provide specific timelines.

“Any organization goes through internal operational difficulties and it is our operational mandate to manage this crisis effectively so that we can able to handle our clients well in other words for them to have access to their monies so presumably things as required of them,” he said.

One of the affected customers of the Sunyani branch of the bank, Peter Kontunatey who has about GH¢40,000 locked up in the bank tells Citi Business News how the development is affecting a loan facility he contracted.

“It has greatly affected me because the purpose for which I deposited the money, have not yielded any result. So I am rather paying money to the bank I have not benefitted from; every month they deduct from my salary including the interest so I’d rather need it to go and give it to the bank and be free,” he lamented.

Meanwhile the Governor of the bank of Ghana, Dr. Henry Kofi Wampah says the Central Bank is working around the clock to ensure DKM Microfinance Company pay customers their initial deposits as was directed earlier.

“DKM and the others we are working on, we have also been doing a lot of education and we will improve on that because the only way you can deal with this is through education. A lot of people are ignorant about this. I hope you do not put your money into a microfinance institutions which is giving about 30% interest per month which is unsustainable. Let me say also that part of those who are actually engaged in these are also full of greed and it is also greedy if you believe that you will get that kind of interest from such people.” Dr. Wampah said.

–

By: Pius Amihere Eduku/citifmonline.com/Ghana

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