{"id":182042,"date":"2016-01-15T19:21:34","date_gmt":"2016-01-15T19:21:34","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=182042"},"modified":"2016-01-15T19:21:34","modified_gmt":"2016-01-15T19:21:34","slug":"bog-to-liquidate-dkm-assets-to-pay-aggrieved-depositors","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/01\/bog-to-liquidate-dkm-assets-to-pay-aggrieved-depositors\/","title":{"rendered":"BOG to sell DKM assets to pay aggrieved depositors"},"content":{"rendered":"<p style=\"text-align: justify;\">The Bank of Ghana (BOG) has decided to liquidate the assets of DKM Microfinance to offset their debts and pay back customers who have their investments locked up.<\/p>\n<p style=\"text-align: justify;\">This follows <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/business.citifmonline.com\/2016\/01\/12\/president-mahama-orders-bni-probe-into-dkm-microfinance\/\">President Mahama\u2019s directive<\/a><\/strong><\/span> to the Bureau of National Investigations to confiscate properties of DKM Microfinance as the government rolled out plans to pay customers whose monies had been locked up with the company.<img loading=\"lazy\" class=\"aligncenter wp-image-150240\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2015\/09\/DKM.jpg\" alt=\"DKM\" width=\"600\" height=\"400\" srcset=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/09\/DKM.jpg 713w, https:\/\/citifmonline.com\/wp-content\/uploads\/2015\/09\/DKM-300x200.jpg 300w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p style=\"text-align: justify;\">Hundreds of customers of DKM have seen their investments, running into thousands of Cedis, locked up following the suspension of operations of these companies by the Bank of Ghana last year.<\/p>\n<p style=\"text-align: justify;\">[contextly_sidebar id=&#8221;DGUVzScj1hb9qQhl1jZDQwK89wPVIJRd&#8221;]DKM\u00a0had its operations suspended by the central bank after it violated the Banking Act \u00a0after undertaking\u00a0operations \u00a0deemed detrimental to the interest of depositors.<\/p>\n<p style=\"text-align: justify;\">Various attempts by customers of DKM and some other Microfinance companies to retrieve their monies have been unsuccessful for almost 12 months.<\/p>\n<p style=\"text-align: justify;\">The BOG had earlier directed the the companies to show proof of secured funds, \u00a0bank balances and a plan for payment of outstanding depositors\u2019 funds or risk liquidation of assets but the companies have not been able to meet the BOG&#8217;s terms.<\/p>\n<p style=\"text-align: justify;\">The BOG has thus decided to sell off all it&#8217;s assets to settle outstanding debts.<\/p>\n<p style=\"text-align: justify;\">Addressing a forum in Sunyani this morning, the Head of Other Financial Institution Supervision at the Bank of Ghana, Raymond Amanful, stressed to the aggrieved depositors present at the forum, the Central bank would continue with their steps to have their monies returned.<\/p>\n<p style=\"text-align: justify;\">However, some aggrieved customers who spoke to <strong>Citi News<\/strong> remain unconvinced with the assurances given by the central bank.<\/p>\n<p style=\"text-align: justify;\">One gentleman, for instance, remained skeptical of the BOG&#8217;s submission saying, &#8220;said they have not been able to convince me personally as at now&#8230; because what they have been telling us has been told before on several media platforms now.&#8221;<\/p>\n<p style=\"text-align: justify;\">One other exasperated lady said, &#8220;Marriages have collapsed, because of this deal. I blame the bank of Ghana for not revoking the license earlier but rather allowed them to work even after their it expired in 2013.&#8221;<\/p>\n<p style=\"text-align: justify;\">&#8220;We need our monies back,&#8221; she concluded. &#8220;This is not judgment debt. It is our own hard earned money.\u201d<\/p>\n<p style=\"text-align: justify;\">&#8211;<\/p>\n<p style=\"text-align: justify;\">By Delali Adogla-Bessa\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Ghana (BOG) has decided to liquidate the assets of DKM Microfinance to offset their debts and pay back customers who have their investments locked up. This follows President Mahama\u2019s directive to the Bureau of National Investigations to confiscate properties of DKM Microfinance as the government rolled out plans to pay customers whose [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BOG to sell DKM assets to pay aggrieved depositors - Citi 97.3 FM - Relevant Radio. 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