Collapsed S&L: Receiver to settle depositors soon after auctioning vehicles

The Receiver of the collapsed 347 microfinance companies and 23 savings and loans and finance house companies will resume paying depositors their locked-up funds by two weeks’ time.

Monies obtained from the auctioning of the about 160 vehicles which began today, Monday, 3 February 2020 will be used to settle some of the depositors.

As at midday Monday, about 12 vehicles had been auctioned by the Receiver, Eric Nana Nipah.

Hundred and sixty vehicles were auctioned with some going for as low as GHS10,000 and high as GHS30,000.

The auctioning will continue till Friday, 7 February 2020.

The Bank of Ghana in accordance with Section 123(2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers Ghana Limited (PwC) as the Receiver for the purposes of winding down the affairs of these institutions.