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Business News Tue, 20 Aug 2019

Revocation of licenses of 23 financial houses not surprising - Dalex CEO

The Chief Executive officer of Dalex finance, Ken Thompson says that the reasons given by the Bank of Ghana for the revocation of licenses of some 23 savings and loans and financial institutions is not surprising.

He says most of them exhibited gross mismanagement while others also invested in unrealistic ventures.

According to him some management of these now defunct savings and loans invested depositor’s funds in things that were not commercial and would not yield them any returns.

The Bank of Ghana last Friday revoked the licenses of 16 savings and loans companies and 7 financial houses for been insolvent.

“There is nobody in this country who can’t tell me he is not aware of what was going on”

“There are some institutions loans agreed were to related parties about 70%. How can you give loans to family and friends and expect to retrieve it. It was no surprise we knew this was coming “he queried.

Source: ghanaguardian.com
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