UT, Capital Bank debtors given up to March 31 to pay back loans

UT, Capital Bank debtors given up to March 31 to pay back loans

The Receivers of defunct UT and Capital Banks have sent notice to all loan defaulters, informing them to pay all debts owed the two banks by March 31, 2019.

The Receivers in their notice also noted that defaulters who refuse to adhere to the directives will face legal action.

UT , Capital Bank debtors given up to March 31 to pay back loans

UT Bank logo. Source: Adomonline.com
Source: UGC

In a report sighted by YEN.com.gh on Myjoyonline.com, the notice by Joint Receivers, Vish Ashiagbor and Eric Nana Nipah, named some 91 individuals and companies indebted to the two defunct banks.

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Among the 91 individuals and companies, Beige Group Ltd., Beige Village Ltd., Express Savings and Loans Company Ltd., Firstbanc Ltd., and Liberty Asset Management Ltd. were the notable firms owing the two banks.

Both the UT and Capital Banks went into receivership in August 2017 as a result of severe impairment of their capital. GCB Bank Ghana Limited, through a Purchase and Assumption Agreement, purchased some assets and assumed certain liabilities of the two banks.

The two banks’ total loan stock was GH¢2.7billion as at the receivership date. This represents 70 percent of their total assets.

As of October, last year, the Receivers had realised only GH¢400million through sale and recovery efforts.

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It is however unknown how much has been recovered at present. The Receivers, by the present notice, hope to recover all remaining debts from their loan defaulters.

The Receivers, in October 2018, announced that they would exhaust all available means to recover the monies.

In another news, YEN.com.gh published that embattled CEO of gold dealership firm, Menzgold, Nana Appiah Mensah, has tasked government to oversee the sale of his properties.

The decision for the sale has come in the wake of pressure on him to refund investments owed customers who invested in Menzgold.

Since the Security and Exchange Commission ordered Menzgold to close, the company has not been able to pay back customers.

READ ALSO: Tiger Eye boys threatened me with a pistol — Ex Anas boy

Ghana News Today: Latest on Hussein-Suale's Murder / High Spate of Ponzi Schemes in Ghana| #Yencomgh

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Source: Yen.com.gh

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