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Business News Thu, 17 Oct 2019

EOCO investigates 65 directors of insolvent financial institutions

The Economic and Organized Crime Office (EOCO) is set to investigate directors of over 65 insolvent microfinance Institutions in Receivership for not being able to render an account of their stewardship or explain how depositor funds were used.

According to a source close to the Receiver, records of these companies are largely absent and many of the Directors of these insolvent cannot even be located.

EOCO will be assisting the Receiver to locate, interrogate and conduct investigations into the conduct of directors of these companies.

In May this year, the Bank of Ghana (BoG) revoked the licenses of 347 insolvent Microfinance institutions in a move to sanitize the finance sector by ridding it of insolvent institutions, many of whom had denied depositors access to their deposits, thereby creating a threat to the stability of the nation’s entire financial system.

This latest move suggests an intensification of the efforts to bring to book directors of these companies and to realize possible proceeds from any assets belonging to them.

Source: Myjoyonline.com
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