SSNIT board didn’t give us ¢40m loan requested in 2015 – BEIGE Group

SSNIT board didn’t give us ¢40m loan requested in 2015 – BEIGE Group
Source: Ghana | Joy Business |
Date: 01-09-2017 Time: 06:09:38:pm
Logo of BEIGE Capital

Indigenous financials institution, BEIGE Group says it was not given the ¢40 million loan facility it applied for at the Social Security and National Insurance (SSNIT) in 2015.

The Bank said although it met the conditions outlined for the facility, the Trust declined the request.

“As part of the credit application process, the borrower was required to present an item of collateral…the BEIGE Group, thus presented two (2) of its assets to be used as collateral…which was GH¢40million,” a statement by the Company said.

There were media reports that the Bank may have been given the loan by the Trust. BEIGE Capital was quoted as the loan applicant.

Records from SSNIT’s 279th Board of Trustees meeting held on December 15 and 16 captured the loan application, bearing the name of BEIGE Capital.

The minutes said there were outstanding issues such as the proposed collateral, business lines, poaching of employees and macro-economic factors that were to be addressed.

But the Bank said it was the mother company BEIGE Group that made the application, adding after all the conditions set out in the deal were met, SSNIT declined to the request.

“It is The BEIGE Group, and not BEIGE Capital which applied for the facility [but] I would want to put this on record…that this request was declined and never disbursed,” BEIGE Group said.

The Company said almost all banks in Ghana have a close relationship with SSNIT, which gives enables them to accept “placements or deposits.”

“This is a normal approach to building the working capital of banks, which are deposits,” it justified its relationship with the Trust.