Receiver Auctions Assets Of 347 Resolved Companies

Eric Nana Nipah

ERIC NANA Nipah, Receiver of the resolved 347 microfinance companies (MFIs) and the 23 savings & loans and finance house companies (S&Ls), has announced the auction of the chattels of the resolved companies.

The auction, which started yesterday, is being led by Wildos Mart, Broadway Mart and Yakamata Mart, auctioneers appointed by the Receiver of the resolved companies.

A statement issued by the Receiver, which disclosed this, said, “The sale of the chattels of the resolved MFIs and S&Ls will be conducted at the respective branches of the resolved MFIs and 23 S&Ls across the 16 regions from Monday, March 8, 2021, until all items are sold out. Chattels to be auctioned include air conditioners – split/window, desktop computers, fridges, water dispensers, swivel chairs, executive office tables/chairs, leather sofas, couches, flat screen television sets and generators.”

It therefore urged all interested buyers to contact any of the appointed auctioneers.

The first round of auctions took place last year, between February 3 and February 7, where used cars and motorbikes belonging to the institutions were sold.

The ongoing auction of institutional properties is expected to enable government regain a miniature part of the value locked up.

Analysts have indicated that most of the physical assets that could enable government recoup substantial value were now held in individual hands of owners and top managers of the liquidated institutions who diverted corporate funds, including customer deposits to acquire them. However, recovering them will prove difficult since it must be proved that such assets were acquired through financial malfeasance and much of such assets were now held by fronts making it difficult to trace the origins of the funds used to acquire them.

The Receiver has earlier disclosed that in the middle part of 2020, GH¢598 million had been recovered out of the targeted assets of GH¢2.9 billion. However, no new information has come to the public on recoveries.

The amount was recouped from loan recoveries (GH¢44 million), placements and investments (GH¢495 million), balances transferred from other banks (GH¢50 million), sale of vehicles (GH¢4 million) and cash in vault (GH¢5 million).

Mr. Nipah has attributed the low level of recoveries to the poor quality of assets of some of the institutions, diversion of assets to other institutions or to personal ownership in order to hide them from the authorities, and the earlier misstatement of a significant proportion of declared assets by some of the liquidated companies.

 

BY Samuel Boadi

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