Receiver of defunct S&Ls, MFIs to auction cars to pay depositors

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The Receiver of the defunct savings and loans; and microfinance companies, has announced the auctioning of assets (motor vehicles) to the public.

The move is to raise capital to support the payment of depositors’ funds that have been locked up for several months.

The first batch of assets (cars and motorbikes) are to be auctioned on 3 February 2020 to 7 February 2020.

Prior to that, the public will have the privilege to inspect the items on sale on Wednesday, 29 January 2020 to Friday, 31 January 2020.

According to a statement, the auctioning will take place at the College of Physician & Surgeons, Examination Hall 1, Ridge Roundabout in Accra.

“A key component of the Receiver’s mandate is to secure all assets of the dissolved companies and maximise their realisations for the benefit of the creditor”, the statement emphasised.

The conditions and payment modalities will be strictly by cash.

Pursuant to section 123 (1) of the Bank and Specialised Deposit-Taking Institution Act 2016 (930), the Bank of Ghana (BoG) on 3 May 2019 and 16 August 2019, revoked the operating licences of 347 insolvent microfinance companies and 23 savings and loans and finance houses, respectively.

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