GCB to facilitate payments to DKM clients latest by end of May 2019

GCB to facilitate payments to DKM clients latest by end of May 2019

- Selected branches of GCB Bank will pay monies to some clients of Diamond Microfinance Limited

- Clients of the company are expected to collect their monies before Friday, May 31, 2019.

- The Bank of Ghana suspended the operations of the company for violating the Banking Act, (673),= 2004.

Clients of microfinance company, Diamond Microfinance Limited, have been given until May 31, 2019, to collect their payments from selected branches of GCB Bank.

According to a report by Citinewsroom.com, the Registrar-General, who is the official liquidator of the beleaguered company, said customers who filed cases in court and wished to withdraw them could do so for negotiations to continue before the deadline.

In 2015, hundreds of depositors lost their investments, which totalled millions of cedis, after the Bank of Ghana (BoG) suspended the operations of the DKM for violating the Banking Act, (673), 2004.

A group of people seated at a place

Some of DKM clients Source: citibusinessnews.com
Source: UGC

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The central bank later confiscated the assets of the company, and appointed the Registrar-General’s Department as the official liquidator.

The finance ministry disclosed that the liquidator received 99,858 claims which amounted to about GHC 502 million.

During the reading of the 2019 budget in November 2018, the government stated that it had paid 80% of the claims, and had set aside funds at the BoG to deal with the remaining 20% upon validation.

In a new notice however, the liquidator asked depositors who had investments above GHC 10, 000 to sign the Term of Settlement before the deadline, in order to receive their funds.

Again, the liquidator said it would complete validation processes by the end of February 2019, to pay depositors who were not given their investments earlier due to insufficient supporting documents.

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Source: Yen.com.gh

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