DKM customers to be paid today

Validated customers of DKM Microfinance company with outstanding claims are expected to be paid monies owed them today.

The assurance was contained in press statement released by the official liquidator, the Registrar General’s Department.

The Registrar General’s Department, earlier told Citi Business News the payment was rescheduled from Wednesday 14^th December to today 19^th December due to logistical challenges.

Meanwhile, payments are expected to take place at the eight designated branches of GCB Bank in Brong Ahafo, Upper East and Upper West regions.

The move follows the completion of the manual validation of claims by audit firm PWC.

Background

Thousands of customers of DKM Microfinance Company lost their investments running into millions of cedis after the central bank in 2015 suspended the operations of the company for violating its regulations.

Though the central bank subsequently lifted the ban on the company’s operations, DKM was unable to pay its customers their locked up cash.

The Bank of Ghana confiscated the assets of the company and appointed the Registrar General’s Department to commence liquidation process to refund customers of the company.

Below is the press release

NOTICE TO CREDITORS OF DKM DIAMOND MICROFINANCE LIMITED (‘’DKM’’)

 (IN OFFICIAL LIQUIDATION)

Pursuant to the revocation of the operating license of DKM on 29^th February 2016 by the Bank of Ghana (‘’BOG’’) following the inability of the company to fulfil its obligations towards its depositors and creditors, the Central Bank in accordance with section 68(1) of the Banking Act, 2004 (Act 673) appointed the Registrar General as the Official Liquidator (‘’OL’’) for the purposes of winding up the affairs of ‘’DKM’’.

The ‘’OL’’ in accordance with section 7 of the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180) placed ‘’DKM’’ in Official Liquidation on 29^th March 2016 and is conducting the Official Liquidation of the company in accordance with the provisions of Act 180.

1.Rescheduling of second round of dividend payments

We refer to the OL’s press release dated 29^th November 2016 and the subsequent posting of lists of depositors and the respective dates on which they were to be paid their dividends at the eight (8) GCB Banks designated as Recipient banks in Brong Ahafo, Upper east and Upper west regions.

The OL wishes to inform depositors that as a result of logistical challenges, the payments which were scheduled to commence on Wednesday,14 December 2016, have been rescheduled to Monday, 19 December 2016.

Depositors are to take note of their new respective payment dates on the lists to be repasted on Wednesday, 14 December 2016, at the designated locations where the previous lists were pasted. Depositors are to note that lists will also be pasted at the Registrar General Department’s offices in Accra, Kumasi and Tamale, to enable depositors to ascertain their due date for payment.

The lists will also be available on the Website of the Registrar General’s Department (www.rgd.gov.gh)

The OL regrets the inconvenience the rescheduling of the payments may cause depositors.

2. Payment to depositors who made deposits through Agencies of DKM Branches

The OL wishes to bring to the notice of DKM depositors who made deposits/investments through Agents of DKM in various towns/regions outside DKM’s branch operational jurisdictions that, the DKM agents deposited their funds at specific branches of DKM in Brong Ahafo, Upper West and Upper East Regions.

Depositors who made deposits through agents of DKM at the locations indicated in the table below, would be paid their dividends at the following GCB recipient bank branches:

Please note that the OL will negotiate final payments with depositors whose claims are not fully satisfied under this second round of payments.

The OL will communicate further updates on the payment process in subsequent press releases as necessary.

OFFICIAL LIQUIDATOR

DKM DIAMOND MICROFINANCE LTD

(IN OFFICIAL LIQUIDATION)

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By: Anita Arthur/citibusinessnews.com/Ghana