{"id":215744,"date":"2016-05-20T11:28:05","date_gmt":"2016-05-20T11:28:05","guid":{"rendered":"http:\/\/citifmonline.com\/?p=215744"},"modified":"2016-05-20T11:28:05","modified_gmt":"2016-05-20T11:28:05","slug":"bog-not-to-move-into-safeway-investment-saga","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=215744","title":{"rendered":"BoG not to move into Safeway Investment saga"},"content":{"rendered":"

Citi Business News<\/strong> 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.<\/p>\n

[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.<\/p>\n

Thousands of aggrieved customers have demanded their locked up investments following management\u2019s failure to pay up their investments.<\/p>\n

The clients had been promised with huge returns as high as 100% compounded interest for three years.<\/p>\n

Safeway Investment is engaged in tilapia production as well as real estate businesses all of which have been unsuccessful.<\/p>\n

Citi Business News\u2019<\/strong> sources at the Bank of Ghana also reveal that the operations of the company were halted last year.<\/p>\n

The Bank however says it cannot be dragged into retrieving customers monies from their investors as they are not licensed by the central bank.<\/p>\n

Safeway Investment challenges<\/strong><\/p>\n

US Tilapia, another company involved in the tilapia production, took a nose dive in 2014.<\/p>\n

This rather prompted customers of Safeway Investments to demand the payment of their locked up investments.<\/p>\n

This also came at a time when the portfolios of the company were not performing satisfactorily.<\/p>\n

Efforts by the disgruntled customers to receive their monies have hit a snag as there appears to be no end in sight.<\/p>\n

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.<\/p>\n

Meanwhile documents cited by Citi Business News<\/strong> also indicate a change in management which will focus on revamping the operations of Safeway Investments and facilitate the payment of returns.<\/p>\n

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.<\/p>\n

\u201cFrom 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,\u201d he said.<\/p>\n

–<\/p>\n

By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":14,"featured_media":215757,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[121,32,11],"tags":[],"class_list":["post-215744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-and-finance","category-business","category-top-stories"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/215744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=215744"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/215744\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/215757"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=215744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=215744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=215744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}