Richard Dugan, Group President, McOttley Money Lending
BUSINESS GUIDE has learnt that management of McOttley Money Lending Limited, a subsidiary of the McOttley Group, is allegedly playing a ‘hide-and-seek’ game with its customers, particularly those whose interest payments are due.
Information available to this paper indicates that the situation has persisted for some time now and all efforts by affected customers to reach management of the institution had failed.
Some aggrieved customers told BUSINESS GUIDE, “We are being shortchanged by the company. When we call them, they don’t pick the calls.”
They claimed that the owners of the company had diverted the customers’ investments into unprofitable ventures, including the purchase of expensive mansions and flashy vehicles.
Harrowing Experience
A victim, who pleaded anonymity, narrated his mistreatment by McOttley Money Lending Limited.
The victim said he invested GH¢300,000 while his son invested GH¢100,000 in the company.
“They were honouring payments religiously until 2017. On October 23rd when interest payment was due, the company paid GH¢10,000 instead of GH¢20,000. In January this year, they were supposed to have paid GH¢20,000 but they failed to do so.”
He revealed that upon several arrangements with management of McOttley for amicable payment terms, he moved to their offices to collect post-dated cheques as surety for onward payment at the end of March, 2018, but was told that the company does not endorse such a policy.
He said the company wanted to offer him property but his search revealed that the land did not have title.
In 2015, a valuer was allegedly appointed to value it, but that same valuer was later appointed as the company’s auditor.
Another source said, “People have heavy investments in the company but the owners moved the investments into other ventures, thereby rendering the McOttley Money Lending Limited almost ineffective."
“A lot of the money has gone into enjoyment and travels outside the country to collect awards. They don’t care about their customers and I don’t understand why the Securities Exchange Commission (SEC) officials are not monitoring their activities.
“These owners are living like kings on the sweat of their customers, and if the authorities don’t act fast, we are likely to witness the DKM scenario very soon,” the source stated.
