31.08.2020 Business & Finance

Hurry Up With Payment Of Our Locked-up Cash – Customers Of Man Capital To Receiver

Hurry Up With Payment Of Our Locked-up Cash – Customers Of Man Capital To Receiver
LISTEN AUG 31, 2020

Customers of Man Capital are urging the receiver, Eric Nana Nipah, to fast-track the processes for the payment of their locked-up funds.

Man Capital is one of the 35 collapsed Microfinance and Savings and Loans Companies whose records have still not been retrieved by the Receiver.

The situation is making it difficult for the payment of locked-up cash of depositors.

In a statement, however, the Receiver said it is working with the Economic and Organized Crime Office (EOCO) to locate and retrieve the outstanding records to validate and settle depositors’ claims.

The customers who have since been demanding their monies insist that the Receiver has data more to work with than it is letting on.

“They should reach out to the Receiver that there is a branch in Dome that has the updated details of clients just as the one in Adabraka. So if the Adabraka branch has refused to give out the list, there is a key to the Dome branch. So they should make themselves available at the Dome branch and we will make ourselves available for the details of the clients from the server in the office.”

“We have written letters to the Receiver but he has not responded. So if today, if they say they don’t have the list or the updated version of the customers or any information about them, then there is something going on which is not too clear one of the customers, Dr. Edem Sosu told Citi News.

Already the Receiver has announced that about 96% of those who were owed had already been paid.

According to him, the work done so far shows that the total value of valid claims is GHS 5.4 billion.

Mr. Nana Nipah added that about 98% of the claims will be paid in cash while the remaining two percent will be paid through a combination of cash and bonds.

Receiver struggles to validate GHS252M claims

The statement issued by the Receiver explained that the 35 resolved companies have depositor claims worth approximately GHS 252 million .

“At the commencement of the resolution process, there were 157 non-operational companies whose books and records we were not able to locate and secure. Based on the collaborative arrangement we have with the Economic and Organised Crime Office (EOCO) which includes assets tracing and investigations, over time, we have been able to retrieve books and records from 131 resolved entities which were not operational at the commencement of the resolution of these companies, thereby making it possible for us to be able to validate creditor claims on these institutions.”

“Currently, there are 35 resolved companies with depositor claims worth approximately GHS252 million which have no books or records available to us, to enable us to validate and settle these claims under the Depositor Payment Scheme. We are working with EOCO to locate and retrieve these companies records in order to be able to validate and settle depositor claims made on these companies,” he said.

— citinewsroom

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