Some depositors of the collapsed savings and loans companies, microfinance firms and finance houses say they may not receive all their locked up funds through the auctioning of used cars and other assets belonging to the defunct financial institutions.
The depositors are of the view that that the proceeds from the exercise may not be adequate considering the amounts owed the huge number of them.
Spokesperson for the group, Audrey Nunoo, told Citi Business News the process will not yield any significant results.
“I am not certain because a lot of people have huge funds with them and looking at the cars they are auctioning, I don’t think they will be able to pay the customers. Our numbers are huge” he said.
She also called on government to come up with other means of settling their locked up funds.
The receiver, Eric Nana Nipah, on Monday begun auctioning vehicles and motor bikes owned by the defunct entities as part of efforts to expedite payments to affected customers of the collapsed microfinance and savings and loans companies.
In all, about 150 cars, mostly registered between 2007 and 2017, are up for sale.
The proceeds of the auction are to add up to the amount available to pay the affected customers.
The auction is being carried out by three auctioneering firms; Wildos Mart, Yakarmata Mart and Broadway Mart.