Business News of Tuesday, 4 February 2020Source: www.ghanaweb.comCollapsed S&L: About 150 vehicles to be auctioned by Receiver to recoup locked up fundsAs at midday Monday, about 12 vehicles had been auctioned by the ReceiverAbout 150 vehicles are expected to be auctioned by the Receiver of some 347 collapsed microfinance companies and 23 savings and loans companies in a bid to recover locked up funds of depositors after the financial sector clean up, GhanaWeb has gathered. A Kia Picanto on the hand, was auctioned at GH¢8,000 but was sold at GH¢19,000 to the highest bidder, amongst others. As at midday yesterday, February 3, about 12 vehicles had been auctioned by the Receiver. Recently, Governor of the central bank, Dr Ernest Addison, disclosed that the Receivers of collapsed banks and financial institutions have so far recovered GH¢1.4 billion cedis representing only 8 percent in assets of depositors locked up funds. According to him, the recovery progress however, in terms of recouping the funds has rather been slow but says there’s an effort to recover the depositor’s funds which have locked up due to the financial sector clean up.

Source: GhanaWeb February 04, 2020 12:22 UTC