Customers of the savings and loans companies, as well as Finance Houses that recently had their licenses revoked, have until close of the day to submit documents needed to be reimbursed their locked up deposits or investment.

 

The receiver of the collapsed financial institutions, Eric Nana Nipah of the Pwc had earlier published that customers are required to submit a Proof of Debt forms by September 12 which be followed by a validation process and subsequent payouts.

Although customers of the affected companies are to submit their claims by close of business today, a source close to one of the affected companies hinted that this does not mark the end of the road for customers who are unable to complete the first leg of the process on Thursday.

He stated that there will be subsequent opportunities for customers to submit their claims for verification.

License revocation

The Bank of Ghana last month revoked the licenses of 23 specialised deposit-taking institutions made up of savings and loans companies and finance houses; appointing Eric Nipah as a receiver.

A statement issued by Mr. Nipah directed depositors and creditors to pick proof of debt forms and complete other processes for payments to commence subject to validation for the scheduled period.

The statement amongst other things alluded to a Creditor Administration process which comprises; Submission of Proof of Debt forms, validating and agreeing to claims as well as Payments to Depositors.

The Proof of Debt forms could be obtained from the Receiver’s representatives at the branches of the S&Ls and Finance Houses where the Depositors and Creditors operated accounts.

Equally, the forms could be obtained from the nearest affected S&L’s or Finance House’s office or from the Operations Secretariat, 25B Manet Towers 8th Floor Airport-City, near Vodafone head office, Airport-City, Accra from 8.30 am to 4.30pm each working day.

Again, the creditors will be required to attach relevant supporting documents such as copies of Deposit slips, Account statement, Investment certificates, and invoices with respect to goods and services supplied) or photocopy of nationally recognised Photo ID such as Passport, Driver’s licence, Voter’s ID, National ID or notarised Power of Attorney.

Following the validation which should last for about a month, the Receiver explains that he shall proceed with payments to the extent possible using funds provided by Government for this purpose at designated Consolidated Bank Ghana Limited branches to be communicated to the depositor.

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