Receiver joins EOCO to retrieve books of 35 liquidated financial institutions

The Receiver of some defunct financial institutions says he is liaising with the Economic and Organized Crime Office (EOCO) to retrieve the books of some 35 liquidated firms.

The receiver, Eric Nana Nipa, said the inability to get access to the books and records of these firms had made it impossible to validate the claims of depositors on their books and make the necessary payments.

According to the Receiver, these firms numbering 35 are among the 135 companies that had already shut down, before the Bank of Ghana came in to liquidate their operations.

This was because they were not in good financial standing and had breached the central bank’s solvency regulations making it difficult to allow them to operate.

According to the notice from the Receiver, the 35 companies have depositor claims of about GHc253 million.

Mr Nipa believes getting the records, will aid the quick payments of their depositor’s claims.

He further stated that at the beginning of the whole liquidation process, there were about 157 firms that had already shut their operations even before the regulator stepped in to liquidate them.

But through their work with the EOCO, the regulators and receivers have been able to retrieve the records and books of 131, leaving 35 firms.

The receiver further gave a breakdown of the numbers saying that the situations of 370 firms had been resolved out of which 157 were not operational as at the time of their liquidation.

The Receiver said he is committed to paying all claims once he is able to carry out the necessary validation.