Citi Business News has gathered the Bank of Ghana will not step in to help customers of Safeway Investments Company Limited retrieve investments locked up in the company.
[contextly_sidebar id=”18PS6KXP3qwjjaP7ELwFaDQN1mFIBiwI”]The decision is because the operations of Safeway Investments Company Limited do not fall within the mandate of the Central bank even though it is engaged in deposit taking.
Thousands of aggrieved customers have demanded their locked up investments following management’s failure to pay up their investments.
The clients had been promised with huge returns as high as 100% compounded interest for three years.
Safeway Investment is engaged in tilapia production as well as real estate businesses all of which have been unsuccessful.
Citi Business News’ sources at the Bank of Ghana also reveal that the operations of the company were halted last year.
The Bank however says it cannot be dragged into retrieving customers monies from their investors as they are not licensed by the central bank.
Safeway Investment challenges
US Tilapia, another company involved in the tilapia production, took a nose dive in 2014.
This rather prompted customers of Safeway Investments to demand the payment of their locked up investments.
This also came at a time when the portfolios of the company were not performing satisfactorily.
Efforts by the disgruntled customers to receive their monies have hit a snag as there appears to be no end in sight.
At a press conference in Takoradi, customers were livid at the turn of events and vowed to push through all legitimate means to get their investments paid to them.
Meanwhile documents cited by Citi Business News also indicate a change in management which will focus on revamping the operations of Safeway Investments and facilitate the payment of returns.
The PRO of the new Management team, Mamah Martei assured that production will commence in June which should facilitate the payment of returns by July this year.
“From June, we will start production and then beginning July, we will come out with a payment plan so that investors will have their monies. The interest as agreed is a compounded one and until we commence production, we cannot say determine anything,” he said.
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By: Pius Amihere Eduku/citibusinessnews.com/Ghana