• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Sunday, March 26, 2023
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

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

Ellen DapaahbyEllen Dapaah
February 7, 2020
Reading Time: 2 mins read
ShareShareShareShare

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.

ShareTweetSendSend
Previous Post

Time with Jessica Opare-Saforo

Next Post

Australia: Mum hides money under mess around the house to test who actually helps out

Related Posts

Top Stories

Patrons anxious for day two of ‘Back To Your Village’ Food Bazaar

March 25, 2023
Top Stories

EU could suspend Election Observer Mission in Ghana – Mission Chief

March 25, 2023
Top Stories

NDC reacts to snub by some of its MPs on approval of new ministers

March 25, 2023
Top Stories

Henry Quartey lauds Citi TV/Citi FM’s ‘Back To Your Village’ Food Bazaar

March 25, 2023
Top Stories

GG brass band dazzles patrons of ‘Back To Your Village’ Food Bazaar

March 25, 2023
Top Stories

NAM1’s case adjourned to April 25; police await AG’s advice

March 25, 2023
Next Post

Australia: Mum hides money under mess around the house to test who actually helps out

TOP STORIES

Patrons anxious for day two of ‘Back To Your Village’ Food Bazaar

March 25, 2023

EU could suspend Election Observer Mission in Ghana – Mission Chief

March 25, 2023

NDC reacts to snub by some of its MPs on approval of new ministers

March 25, 2023
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT