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
-
49 seconds -
Parents of Persons with Disabilities call for affordable rehabilitation servicesÂ
6 minutes -
Barker-Vormawor urges President Mahama to lead constitutional reform implementation
11 minutes -
Dr Nyaho Nyaho-Tamakloe calls for abolition of ex gratia payments, excessive benefits for public officeholders
24 minutes -
Dr Nyaho Nyaho-Tamakloe backs review of presidential immunity provisions in Ghana’s constitution
37 minutes -
Dr Nyaho Nyaho-Tamakloe opposes presidential term extension
1 hour -
Dr Nyaho Nyaho-Tamakloe: On Ghana’s constitution review and the future of democratic governance
1 hour -
Victoria Bright supports lowering presidential age limit to 30
2 hours -
Where Rain Falls but Water Dies
2 hours -
Christmas Embrace: Sametro Group honours 250 widows in Tarkwa with gifts
2 hours -
Victoria Bright: Weak institutions make presidential term extension risky
2 hours -
Police net 120 suspects in major East Legon drug and crime swoop
2 hours -
Three suspected armed robbers shot dead by Police in Ashanti region
3 hours -
Why Ghana’s Constitution Review Committee’s Work Should Be Extended to Strategic Communication
3 hours -
Prof. Prempeh defends lowering presidential age, cites Kufuor’s early leadership roles
3 hours
