Audio By Carbonatix
The Economic and Organized Crime Office (EOCO) is set to investigate directors of over 65 insolvent microfinance Institutions in Receivership for not being able to render an account of their stewardship or explain how depositor funds were used.
According to a source close to the Receiver, records of these companies are largely absent and many of the Directors of these insolvent cannot even be located.
EOCO will be assisting the Receiver to locate, interrogate and conduct investigations into the conduct of directors of these companies.
In May this year, the Bank of Ghana (BoG) revoked the licenses of 347 insolvent Microfinance institutions in a move to sanitize the finance sector by ridding it of insolvent institutions, many of whom had denied depositors access to their deposits, thereby creating a threat to the stability of the nation’s entire financial system.
This latest move suggests an intensification of the efforts to bring to book directors of these companies and to realize possible proceeds from any assets belonging to them.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
GPL 2025/26: Dreams FC stage stunning comeback to hammer Eleven Wonders
1 hour -
Livestream: The Probe examines Kumasi’s looming water crisis
1 hour -
MTN Ghana gears up to lead Africa’s AI revolution
1 hour -
Philanthropist Alhaji FuZak donates Da’wah bus to Ambariya Sunni community
1 hour -
GUTA calls for suspension of Publican AI system over trade disruptions
1 hour -
TTAG raises alarm over proposed recruitment of 7,000 teachers, demands national posting roadmap
2 hours -
Civilians feared killed after reports of air strike on Nigerian market
2 hours -
Bishop Simon Kofi Appiah installed as new Jasikan Diocese Bishop
2 hours -
Trump’s Strait of Hormuz blockade threat raises risks and leaves predicaments unchanged
2 hours -
US Court backs extradition of former MASLOC CEO Sedina Tamakloe-Attionu to Ghana
3 hours -
Seven arrested as NAIMOS dismantles illegal mining camp, seizes firearms at Boin River
3 hours -
Fire erupts at Madina Ritz Junction, destroys multiple wooden structures and containers
3 hours -
Daniel-Kofi Kyereh returns from long-term injury, registers assist for Freiburg U23
3 hours -
Knifeman calling himself ‘Lucifer’ slashes three at NYC’s Grand Central
3 hours -
Brands are built from within to without
3 hours