115 of 161 vehicles sold as auctioning of defunct financial institutions’ cars ends

One hundred and fifteen out of a total of 161 vehicles have so far been auctioned under the auspices of the Receiver of the collapsed financial institutions.

The auction process which started on Monday ended today, Friday, February 7 2020.

The cars which are part of assets belonging to the defunct financial institutions were auctioned to enable the Receiver to facilitate payments to customers of the collapsed institutions.

Spokesperson for the Receiver, Philomina Kuzoe, told Citi News that the auction process was largely successful.

“I think they did a good job. Honestly for those that think the vehicles were on the high, we’ll go back to the valuers so that they’ll revalue them. The depositors are part of a body of creditors that the defunct microfinance institutions owe. It means that whatever we get here will be distributed according to Act 930. This auction has been successful,” she noted.

Receiver happy about auction

The Receiver of the 347 Microfinance companies and 23 Savings and Loans and Finance houses that faced insolvency said he is happy with the patronage of the auction of vehicles recovered from some of the insolvent entities.

The auction attracted patrons looking to outbid each other.

Philomina Kuzoe said that the numbers exceeded expectations and that the receiver was adequately prepared to carry out the exercise in as professional a manner as possible.

She further described as false, reports that were circulating about the exercise that sought to suggest that the results of the auction would have little or no impact on payments to customers.

Background

The Bank of Ghana in May and August last year [2019] revoked the licenses of 347 microfinance and microcredit companies and 23 Savings and loans and finance houses for various regulatory infractions.

The Receiver for these collapsed financial institutions began the auction for vehicles and motorbikes of institutions on [Monday, February 3, 2020].

The exercise forms part of measures to defray monies due the affected customers of the collapsed financial institutions.

Under the auspices of the Receiver, Eric Nana Nipah, the auction was carried out by three firms; Wildos Mart, Yakarmata Mart and Broadway Mart.