Customers of defunct S&L companies paid in bonds; raise serious concerns

- Some customers of defunct micro-finance companies have expressed worry about the mode of payment of deposits by the Receiver

- According to them, the Receiver, through the Consolidated Bank of Ghana is paying funds up to GHC50,000

- Any amount above the GHC50,000 would be placed in 5-year-old bonds but this was not agreed on paper

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Some customers of defunct microfinance and savings and loans companies have raised concerns about the mode of payment by the receiver, Eric Nana Nipah, via the Consolidated Bank of Ghana (CBG).

Cases of miscommunication and surprises were recorded when some customers, who had received text messages to visit the bank on Thursday, February 27, 2020, were informed that their monies would be paid in bonds.

The customers indicated that they were informed those who had funds beyond GHC70,000 locked up would receive GHC50,000 in cash and the rest in 5-year-bonds.

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A retired soldier, whose identity is yet to be confirmed, stated that GHC50,000 out of his GHC602,000 would be invested as a bond.

Per a citinewsroom.com report, the unnamed soldier was given no documentation to that effect, leaving him confused.

His desire to know the interest rate was futile as there was no response in that regard aside the fact that there was no written agreement to that effect.

Another customer expressed worry about his farming business given the fact that he had GHC320,000 locked up with the defunct companies.

He added that he is not aware of the interest rate and is not sure if the bond is tradable, leaving him wondering about the impact of the locked up funds on his livelihood.

Another customer, who wished to remain anonymous, called on the receiver to review the modalities.

The CBG has meanwhile revealed that the payment process has been smooth and 6,446 individual customers had been fully paid as at Tuesday February 26, 2020.

It added that449 customers who are social and welfare organizations have equally been paid.

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In other news, the Registrar-General, Jemima Oware, has revealed that her department is in the process of dissolving companies that do not file their tax returns.

According to her, businesses that have not filed their returns for more than 10 years now would be affected. Oware indicated that “some big businesses in Ghana have not filed their returns and under the law, I can dissolve them.”

Per a myjoyonline.com report, Oware added that her office would release a notice by the end of March 2020, cautioning all companies who haven’t filed their returns to do so.

Failure to act according to the directive, she added, would lead to a dissolution of such businesses. The new Companies Act, 2019 (Act 992), all dissolved companies will cease to do business for 12 years before they can re-register.

Oware revealed that there are over one million registered businesses in the Department’s database but just about 10% of them have filed their returns.

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Source: YEN.com.gh