Ivory Finance boss spills the beans on SIC GHC550m debt

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BERNARD 8 years ago

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ARE (0540527508) YOU A STUDENT,GOVERNMENT
WORKER,
OR UNEMPLOYED LOOKING FOR A BUSINESS TO DO ON PART TIME / FULL TIME.
CALL MR ABOAGYE NOW (0540527508)
OLIVER TWIST 8 years ago

My questions here are as follows:

- By what kind of magical compound interest calculation does a 14 million GHS skyrocket to 550 million GHS in just 4 years?

- Under what circumstances will any serious private business ...
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My questions here are as follows:

- By what kind of magical compound interest calculation does a 14 million GHS skyrocket to 550 million GHS in just 4 years?

- Under what circumstances will any serious private business entity(Italconstruct) agree to such usurious lending terms if the initial intent was not to collude with its lender(Ivory Finance) to defraud the state by entangling SIC in such an unconscionable deal?

- Does the BOG have any rules against usury/ loan sharking and did Ivory Finance violate any such rules?

- How many of the supposed affordable housing units for which the initial 14 million GHS was borrowed by Italconstruct have been built?

- How did SIC and its board accept to indemnify a private entity?

We need to thread very cautiously as a nation!

SHALOM
Nana 8 years ago

This is what used to happen in Ghana before Rawlings came into power. Too much corruption, too much stealing, nobody knows the full facts and everyone is claiming innocence. Let's investigate and start putting guilty persons ...
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This is what used to happen in Ghana before Rawlings came into power. Too much corruption, too much stealing, nobody knows the full facts and everyone is claiming innocence. Let's investigate and start putting guilty persons in prison. Stealing public money is a serious crime and not a joke. Over 1 billion dollars has been stolen in the last 4 years and everyone is claiming innocence.
WhenIdiotsRule 8 years ago

The SIC manager who agreed to co-sign the loan for Ital, without consulting the Board of Directors, must be JAILED !! TOO MUCH FOOLISHNESS GOING ON IN THIS COUNTRY !!!

The SIC manager who agreed to co-sign the loan for Ital, without consulting the Board of Directors, must be JAILED !! TOO MUCH FOOLISHNESS GOING ON IN THIS COUNTRY !!!
RAO 8 years ago

Did Ivory undertake any due diligence to appreciate the ability of the borrower to repay? No real estate project anywhere in the World can achieve the 5 to 13% interest a month, which works to 60% to 156% per annum, this is u ...
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Did Ivory undertake any due diligence to appreciate the ability of the borrower to repay? No real estate project anywhere in the World can achieve the 5 to 13% interest a month, which works to 60% to 156% per annum, this is unsustainable and I am not surprised the borrower cannot pay.
Kwame 8 years ago

13.5%/month is 357% a yr, compound.

13.5%/month is 357% a yr, compound.
Kofi Thompson 8 years ago

Did Ivory Finance's reps not inveigle Ital Construct's reps to hurriedly sign documents without allowing them time to even consult their lawyers first, if I remember correctly?

This is one of the most outrageous cases of s ...
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Did Ivory Finance's reps not inveigle Ital Construct's reps to hurriedly sign documents without allowing them time to even consult their lawyers first, if I remember correctly?

This is one of the most outrageous cases of sharp practice (on Ivory Finance's reps' part) some if us have ever come across.

The very antithesis of corporate good governance principles were at play in the shabby events that led Ital Construct's reps into this trap laid so cleverly for them by obvious-saints.

And as someone just commented above, was the onus not more or less on Ivory Finance to ensure that Ital Construct was a fit and proper business entity in the real estate sector to loan any money to, in the first place - so why pass the buck to SIC for their lack of care in parting with money they should never have loaned to Ital Construct?

Were some people in a hurry to get their "success fees" or kickbacks perhaps?

It is so strange that even the law courts are allowing this outrage by Ivory Finance to stand. How come?

Is what happened not obvious to the courts? The law indeed can be an ass sometimes. This must be one of them.

Hopefully, the Supreme Court will eventually right an egregious wrong.
Hmm, Ghana - eyeasem o: asem kesie ebeba debi ankasa.
PAA FRIPOE 8 years ago

CREATE LOOT AND SHARE SIC MD IVORY FINANCE MD REAL ESTATE DEVELOPER AND THE JUDGE SHOULD ALL BE SHOT SHAMELESS JUDGE COULD NOT SEE 419 IN THIS WHERE IS JUNE 4TH I DID WORK FOR SIC AND JOE DONKOH WILL NOT STOOP THIS LOW V ...
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CREATE LOOT AND SHARE SIC MD IVORY FINANCE MD REAL ESTATE DEVELOPER AND THE JUDGE SHOULD ALL BE SHOT SHAMELESS JUDGE COULD NOT SEE 419 IN THIS WHERE IS JUNE 4TH I DID WORK FOR SIC AND JOE DONKOH WILL NOT STOOP THIS LOW VERY SAD
IRON LION ZION 8 years ago

Please put all emotions aside and look at the case on it's merit, based on law. The judge will rule the case based on law. So, it's up to the lawyers on either side to argue their case and convince the judge why theirs carry ...
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Please put all emotions aside and look at the case on it's merit, based on law. The judge will rule the case based on law. So, it's up to the lawyers on either side to argue their case and convince the judge why theirs carry more weight. That's what the court system is all about. Don't blame the judge...
T and T 8 years ago

It is the primitive traditions eating into every sector of our lives(U can't demand accountability from a king, so politicians, managers etc all become like kings, they can do what they please without accounting to any one)
...
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It is the primitive traditions eating into every sector of our lives(U can't demand accountability from a king, so politicians, managers etc all become like kings, they can do what they please without accounting to any one)
I tell U today: "Traditions must be cherished but change that can bring progress must be welcomed" Pls move "chieftaincy" to the museums to pave the way for real progress.

Kofi Jata 8 years ago

GO ON.

GO ON.
Buzz Feed 8 years ago

Two things are happening here.
1. Hostile takeover
2. Exposure of the unregulated finance industry in Ghana.

Why should SIC be guaranteeing loans in the first place when they are not a regulated finance entity? Also who ...
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Two things are happening here.
1. Hostile takeover
2. Exposure of the unregulated finance industry in Ghana.

Why should SIC be guaranteeing loans in the first place when they are not a regulated finance entity? Also who in their right frame will agree to a 6 month repayment of a "commercial loan? What is the SEC doing in Ghana?

Adu Sarkodie has been using UT Financial Services tactics and it must be stopped. The deal was engineered to force the borrower to default as such this is fraudulent on the part of Ivory Finance. SIC should also to be blamed for not reviewing such a deal before it entered into agreement.
OBREMPON NY, NY 8 years ago

What kind of business deal is that? Ghana's DEPARTMENT of COMMERCE or whatever ENTITY
is responsible to regulate and enforce commercial laws- banking and loan acquisition,
interests on loans and other mon ...
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What kind of business deal is that? Ghana's DEPARTMENT of COMMERCE or whatever ENTITY
is responsible to regulate and enforce commercial laws- banking and loan acquisition,
interests on loans and other monetary transactions, should be serious. How can a loan
of GH19million jumps to GH550million in
just about 3 to 4 years period ? Why should
SIC--the STATE ENTITY becomes a GUARANTOR
to a PRIVATE ENTITY ? IVORY FINANCE does
a RIDICULOUS and CROOK BUSINESS.
This financial institution's LICENSE should be
revoked. It is a FRAUDULENT INSTITUTION .
Its clients should be looked for and RETURN
some of their ROBBED MONIES back to them.
TUTUGYAGU 8 years ago

We will like to hear from SIC on this. I can't think far. OHH mother Ghana.

We will like to hear from SIC on this. I can't think far. OHH mother Ghana.
BA 8 years ago

13% compounded over 12 months is 400%. That is insane.

13% compounded over 12 months is 400%. That is insane.
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Ivory Finance boss spills the beans on SIC GHC550m debt

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