Tag: Receiver
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Bidding for defunct microfinance, S&L firms’ properties ends on March 26
The Receiver of the collapsed microfinance companies and savings and loans firms, Eric Nana Nipah, is reminding the public of the ongoing bidding process for the acquisition of landed properties of the defunct financial institutions. Interested persons or companies have up to March 26, 2021, to put in their bids for some 24 lands and…
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Customers of defunct Microfinance firms, S&Ls to receive full cash payment from September 16
Depositors of the collapsed Microfinance companies, Savings and Loans and Finance Houses will from Wednesday, September 16, 2020, have full access to their funds. It follows the government’s resolution of the original commercial paper, also known as bond. The government on Tuesday released a total of GHS3.56 billion to settle the remaining depositor claims of…
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GHS3.56 billion cash released to settle remaining customers of collapsed Microfinance firms, others
Government has released GHS3.56 billion in cash to fully settle depositor claims of 347 defunct Microfinance companies, 23 Savings and Loans firms and Finance Houses that were being settled with bonds. The money will be ready for the depositors from Wednesday, September 16, 2020, according to a statement from the Receiver of these defunct firms.…
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Receiver struggles to retrieve records of 35 defunct financial institutions to validate GHS252M claims
The Receiver of the 347 defunct Microfinance companies, 23 Savings and Loans and Finance Houses, Eric Nana Nipah, says he is unable to undertake a detailed asset tracing of 35 resolved companies to enable him validate and settle claims of depositors under the Depositor Payment Scheme. According to him, he is still working with the…
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Submission of bids for purchase of assets of defunct Microfinance, S&L firms extended
The Receiver of the 347 insolvent Microfinance Companies and 23 Savings and Loans Companies and Finance House Companies, Eric Nana Nipah, has extended the deadline for the submission of bids to purchase the assets of the dissolved companies by two more weeks. The initial deadline was Monday, 27 July 2020, but has been extended to…
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We need a policy to protect our activities – Ass. of Savings and Loans Companies to Gov’t
The Ghana Association of Savings and Loans Companies is urging government to come out with a policy that will protect its members in times of difficulties. According to the Association, even though the Bank of Ghana regulates the financial sector, best practices in some African countries show that savings and loans companies are better protected…
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Prosecutions will begin in August – Receiver for defunct Microfinance & S&Ls firms
The Receiver for the defunct 347 Microfinance Companies and 23 Savings and Loans Companies and Finance Houses, Eric Nana Nipah, says the government is not only interested in recovering assets and paying depositors, but will also commence prosecutions from August this year. In an interview with Citi Business News, Mr. Nipah, who has assured a…
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Receiver to pay all depositors of defunct Microfinance & S&Ls firms by end of July
The Receiver of the defunct 347 Micro Finance Companies, 23 Savings and Loans and Finance Houses, Eric Nana Nipah, says customers who have not received their claims, should be able to access them by the end of July this year. According to Mr. Nipah, he has already paid about 96% of customers, and is hopeful…
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Remove cap on payments to enable us settle customers – Fund Managers to gov’t
The Ghana Securities Industry Association, the umbrella body of organisations licensed by the Securities and Exchange Commission, is urging government to consider increasing the payouts to collapsed fund management companies whose funds are with the receiver. A Governing Council Member of the Association, Kisseih Antonio, in an interview with Citi Business News said while the…
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Defunct Microfinance, S&L customers with huge sums unhappy with payment in bonds
Some customers of the defunct microfinance and savings & loans companies, who visited the head office of the Consolidated Bank Ghana on Thursday, February 27, to retrieve their locked up capital, have decried the mode of payment by the Receiver. The customers, who received their notification messages, say they have been told by the bank…