Business News of Monday, 7 August 2017
Some affected customers of defunct microfinance company, DKM are lamenting over delays in receiving their funds.
According to them, a meeting that is scheduled to take place between the Brong Ahafo Regional Minister, Kweku Asomah Kyeremeh and the Registrar General’s Department for payments is long overdue. The meeting is expected to take place within the next two weeks.
Speaking to Citi Business News, a representative of the aggrieved customers Mohammed Ibn Farass stressed that the meeting should be aimed at paying customers of DKM their locked up funds.
“If the Brong Ahafo Regional Minister wants to meet us, then it’s good news. We only hope that the purpose is achieved, and that we don’t just go and sit there and talk, which will amount to nothing,” he warned.
He was however optimistic that the meeting will resolve all other concerns raised by the customers of the defunct companies.
“It’s not just DKM customers that we are talking about.I’m sure that issues regarding God is Love and others will also come up, obviously the customers will raise it because some of them are involved in both, people have lost millions and they don’t know what to do”.
Meanwhile Citi Business News understands that about 80 percent of the affected customers were owed below 10,000 cedis, have been fully paid.
The Principal Company Inspector of the Registrar General’s Department, the Official Liquidator for DKM, Jones Nathaniel Ansah also explained that the auditor, PwC, has almost completed the validation for creditors whose claims exceed 10,000 cedis.
“The cut off was 10,000 cedis so persons who had investments less than the amount have received everything in full. But the remaining 20 percent are those that had monies exceeding 10,000 cedis.”
Thousands of customers of DKM Microfinance Company lost their investments running into millions of cedis after the central bank in 2015 suspended the operations of DKM for violating the banking Act.
Though the central bank subsequently lifted the ban on the company’s operations, DKM was unable to pay its customers their locked up cash.
The Bank of Ghana confiscated the assets of the company and appointed the Registrar General’s Department to commence liquidation process to refund customers of the company.