MASLOC seizes over 350 vehicles

General News of Thursday, 5 October 2017



Taxi MasloccMASLOC has mounted an intensive search to retrieve more than 150 more vehicles

More than 350 commercial vehicles, mostly taxis, have been confiscated from individuals and groups who failed to repay loans they contracted from the Micro Finance and Small Loans Centre (MASLOC).

Additionally, MASLOC has mounted an intensive search to retrieve more than 150 more vehicles whose owners are indebted to the centre.

The affected owners are said to have secured the loans from MASLOC to purchase those vehicles but have defaulted in their commitment to repay the loans, a situation which has contributed to the financial difficulties confronting the centre.

Beneficiaries of MASLOC?credit facilities are indebted to the centre beyond GH¢100 million, covering the period from 2009 to 2017.

In an interview with the Daily Graphic, the Chief Executive Officer (CEO) of MASLOC, Stephen Amoah, complained about the precarious financial situation of the organisation since he assumed office.

The level of indebtedness, he said, had rendered MASLOC financially incapacitated to effectively execute its mandate.

MASLOC was established in 2006 by the then government to provide funds for micro and small-scale entrepreneurs to strengthen their operations as an effective and viable strategy for poverty reduction.

Mr Amoah said Members of Parliament (MPs) from both the National Democratic Congress (NDC) and the New Patriotic Party (NPP) were indebted to MASLOC and his office had petitioned the Clerk of Parliament on the issue.

He mentioned a recent retrieval of 19 vehicles from a single person and served notice that his outfit would leave no stone unturned to retrieve money and vehicles from debtors.

Majority of the vehicles are saloon cars, including Fiat and Chevrolet.

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