{"id":689643,"date":"2019-08-23T10:42:07","date_gmt":"2019-08-23T10:42:07","guid":{"rendered":" <br><div>\n\t\t\n<p><strong><em>Michael Adjovu, MD of\nMidland Savings &amp; Loans Company <\/em><\/strong><\/p>\n\n\n\n<p>THE CENTRAL bank has\nrevealed Midland Savings and Loans Company Limited registered persistent\noperational losses which made it difficult for it"},"modified":"2019-08-23T10:42:07","modified_gmt":"2019-08-23T10:42:07","slug":"midland-savings-recorded-massive-losses","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/23\/midland-savings-recorded-massive-losses\/","title":{"rendered":"Midland Savings Recorded Massive Losses"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong><em>Michael Adjovu, MD of<br \/>\nMidland Savings &amp; Loans Company <\/em><\/strong><\/p>\n<p>THE CENTRAL bank has<br \/>\nrevealed Midland Savings and Loans Company Limited registered persistent<br \/>\noperational losses which made it difficult for it tooperate.<\/p>\n<p>This culminated<br \/>\nin an adjusted negative capital adequacy ratio (CAR) and negative net worth for<br \/>\nthe company as of August 31, 2018. <\/p>\n<p>A Bank of Ghana<br \/>\n(BoG) report on the company which revealed this said Midland Savings and Loans<br \/>\nwas over exposed to its related parties including Liberty Asset Management,<br \/>\nLiberty DMI Microfinance and Griffin Financial Services which was rolled over<br \/>\nin spite of the liquidity challenges it faced. <\/p>\n<p>\u201cThe institution<br \/>\nwas found to be facing liquidity challenges in January 2017. A subsequent<br \/>\nassessment indicated that the institution was undercapitalized and also facing<br \/>\nserious liquidity challenges,\u201d according to the report.<\/p>\n<p>The BoG report continued<br \/>\nthat Midland Savings and Loans Company Ltd. recorded net worth of negative<br \/>\nGH\u00a2148.92 million as of end May 2019 indicates that its paid-up capital is<br \/>\nimpaired in violation of Section 28(1) Act 930. <\/p>\n<p>\u201cThe<br \/>\ninstitution\u2019s capital adequacy ratio of negative 311.91% as of end May 2019 is<br \/>\nin violation of Section 29(2) of Act 930. <\/p>\n<p>\u201cThe institution<br \/>\nfailed to conduct due diligence on counter parties resulting in the impairment<br \/>\nof some investments,\u201d \u00a0it revealed.<\/p>\n<p>Additionally, the<br \/>\nreport said Midland Savings &amp; Loans Company Ltd. consistently breached the<br \/>\nminimum cash reserve ratio requirement leaving a cash reserve requirement of<br \/>\n0.23% at end May 2019. <\/p>\n<p>Also, the company<br \/>\nfailed to keep accounting records in a manner that gives an accurate and<br \/>\nreliable account of its transactions. <\/p>\n<p>As a result, the<br \/>\ncompany was unable to submit prudential returns regularly and could not provide<br \/>\nthe various schedules that reconciled with key balance sheets such as loans and<br \/>\ninvestments. <\/p>\n<p>Furthermore, the<br \/>\ncompany was faced with severe liquidity challenges, which made it unable to<br \/>\nprovide adequate funds to run the various branches, thus rendering the branches<br \/>\ninactive. <\/p>\n<p>\u201cThe inability of<br \/>\nthe company to honour customers\u2019 withdrawal request has resulted in customers<br \/>\nresorting to the use of their lawyers in filing claims on the institution and<br \/>\ncomplaints to the Bank of Ghana,\u201d it mentioned. <\/p>\n<p>The BoG said<br \/>\nsince August 2018, it engaged the board and senior management on the need to<br \/>\ninject additional capital. <\/p>\n<p>Midland Savings and Loans Company Ltd. was licensed by the BoG to operate as a Savings and Loans Company on October 21, 1996. It commenced full operations on March 13, 1997. <\/p>\n<p><strong>BY Samuel Boadi<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Michael Adjovu, MD of Midland Savings &amp; Loans Company THE CENTRAL bank has revealed Midland Savings and Loans Company Limited registered persistent operational losses which made it difficult for it tooperate. This culminated in an adjusted negative capital adequacy ratio (CAR) and negative net worth for the company as of August 31, 2018. A Bank [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":689644,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-689643","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Midland Savings Recorded Massive Losses - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/23\/midland-savings-recorded-massive-losses\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Midland Savings Recorded Massive Losses - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Michael Adjovu, MD of Midland Savings &amp; Loans Company THE CENTRAL bank has revealed Midland Savings and Loans Company Limited registered persistent operational losses which made it difficult for it tooperate. 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