With clearance from the Bank of Ghana, the Receiver (Eric Nana Nipah) of Microfinance Finance Companies (MFCs),  Savings and Loans Companies (S&Ls) and Finance House Companies has referred 100 properties to the Economic and Organised Crime Office (EOCO) to be investigated in order to ascertain their ownership status.

This comprises 68 landed properties relating to five MFCs and 32 landed properties relating to nine S&Ls.

According to the Bank of Ghana, EOCO has advised that freezing orders are obtained while it conducts investigations

The firms include ASN S&L, Dream Office, First Allied S&L, Legacy S&L, UniCredit S&L, Noble Dream Finance MFI, Goldman Capital MFI and Ideal Finance.

The Central Bank added that the purpose of obtaining freezing orders is for EOCO and the Receiver to ascertain whether the properties were acquired with resources of the defunct institutions, obtain all relevant documents for the said properties, amongst others.

Receiver reports ¢1.09bn of Related Party transactions to BoG

Also, the Receiver has reported approximately ¢1.09bn of Related Party transactions to BoG and has requested for assistance from EOCO for further investigations to aid recovery.

Some of the related part transactions include Gold Coast Advisors (for GN Bank); Gye Nyame Realty, Esich Life Assurance Company, Ocean Spring (for Accent Financial Services) as well as Bread of Life Investment and Genesis Farms Limited (for First Allied)

The Central Bank said “we continue to collaborate with EOCO to explore other means of potentially recovering these funds for the benefit of creditors”.