It has emerged that a whopping amount of Two hundred million Ghana Cedis of depositor’s money saved with the defunct Midland Savings and Loans Company Limited was pocketed by directors of the company.
According to reports gleaned from the books of Economic and Organized Crime Office (EOCO) has it that the directors of the defunct Micro-finance, Savings and Loans company pocketed this huge sum of money at the time the company was struggling to pay depositor’s cash.
Whilst the company was struggling to pay depositor’s cash management further took a whopping Two hundred Thousand Ghana Cedis to sponsor the activities of Ghana Music Awards, an activity outside the jurisdiction of the company.
In the year 2018, a woman by the name Patience Osafo, had gone to the financial institution’s office in Shiashie in the Accra metropolis to withdraw her savings withdrawn and for four days, she could not get her money with an excuse from management that there was some network challenges.
On the fifth day, she decided to protest and insisted on withdrawing all her savings before leaving the banking hall.
A police officer who was invited to pull her out of the banking hall, ended up assaulting the woman thereby creating some public uproar on social media.
However, the Economic and Organized Crime Office (EOCO) has opened investigations into the activities of these financial entities which had their licenses revoked by the Bank of Ghana for regulatory infractions and mismanagement.
The Executive Director of EOCO, COP (Rtd) Frank Adu-Poku told Accra-based Citi FM that they are investigating the criminality aspect of the dealings of the defunct financial entities.
“We are to fight organized crime and then recover proceeds of organized crime to the state.
The government started this process some time in 2018, 2019 when the Receiver was appointed.
And the Receiver in order to fight this, had to get some other institutions to support it so we came together as an investigative body to ensure that companies and directors who have collected monies from the public are brought to book so the Receiver submitted about 23 companies – Savings and Loans Companies and 347 microfinance companies to us.”
Two teams to conduct investigations
He indicated that two teams had been formed to conduct these investigations, adding that these two teams had started investigating three Savings and Loans
Source: Ghanawish.com
