Business News of 2014-03-14

Xpress Link clients demand monies back

Angry customers of Xpress Link Microfinance Company Limited at Mankessim have stormed the office of the Graphic Communications Group saying officials of the institution have absconded with their monies.

Closure of premises

They said the premises of the institution had been locked up for about three months now and efforts to track down oficials of the company to retrieve their monies have proved futile. According to the aggrieved customers, about 300 persons had been affected. They claimed to have saved between GH¢200 and GH¢2000.

Broken promise

The customers claimed they were promised loans after three months of saving but some of them added that promises made by officials of the company had not been fulfilled.

Madam Elizabeth Ferguson, one of the affected persons, said she had been saving with the company for about four months but heard rumours that the institution had gone bankrupt. “I went to the office at Mankessim only to realise it had been locked,” she recounted.

Another victim, Mr John Mensah, shared a similar experience.

Corrupted database

In a telephone interview, the Cape Coast Branch Manager of the company, Mr Peter Nakron, said the files on the computers of the company that contained the database of its clientele were corrupted when some unscrupulous persons cut off electricity cables to their office.

He said the office was closed in November for repair works to be carried out on the company’s information system, explaining that the directors of the company were working out modalities for the payment of the monies owed clients.

Assurance

It was not true, he said, that officials had absconded, adding that the office would be opened after repairs of its information system next week.

Mr Nakron could not tell the number of persons affected but said clients had been assured that monies owed them would be paid in June this year.

He denied the allegation that the company had gone bankrupt, saying the directors would meet the customers to explain the situation to them.

“We have told them to have patience with us while the directors find solution to the problem. It will be resolved. The directors say they will pay them first week of June,” he assured.