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12.04.2016 General News

Officials of Safeway Estate Ltd go missing as customers chase investment

By Myjoyonline.com
Officials of Safeway Estate Ltd go missing as customers chase investment
LISTEN APR 12, 2016

An Accra High Court has ordered investment firm, Safeway Estate Ltd to pay an investor 130,000 cedis plus interest as concerns pour in over the company’s inability to refund customers’ savings.

In what is suspected to be another microfinance bust like DKM, the office of the company located on the Spintex road has been closed down for some weeks now.

Several persons who have invested thousands of cedis have for some days now been visiting the premises to retrieve their money but to no avail.

Some of them who spoke to Joy News' Joseph Opoku Gakpo said they are increasingly becoming frustrated.

The company has been operating for about five years now. It started with tilapia farming but diversified into real estate.

Officials of the company had promised investors between 80 and 100 percent on their investment. They actually encourage long term investments.

A number of unsuspecting customers invested huge sums of money into the company with the hope of recieving their interest as promised.

But Safeway Estate Ltd was unable to deliver on the promises.

Joy News checks indicate that since December 2014, efforts by customers to retrieve their investments and interests have proved futile.

After several failed promises, some of the frustrated customers decided to go to court.

One of them, Bukari Karim Rockson, a resident of Jasikan has won the case.

The court presided over by Justice Daniel Mensah ruled that the plaintiff be paid an amount of 136,800 cedis and an interest of 30 per cent per annum.

Even though the plaintiff has secured victory, retrieving the money will be difficult because officials of Safeway Estates Ltd are nowhere to be found.

The Spintex Road office of the company has been closed down and website has been down as well.

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