IN THE MATTER OF THE BANKS AND SPECIALISED DEPOSIT-TAKING INSTITUTIONS ACT, 2016 (ACT 930) AND IN THE MATTER OF THE RECEIVERSHIP OF 23 SAVINGS AND LOANS AND FINANCE HOUSE COMPANIES
NOTICE TO CREDITORS
Pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) (“the Act”), Bank of Ghana (“BoG”) on Friday 16 August 2019 revoked the operating licenses of twenty-three (23) insolvent Savings and Loans Companies (“S&Ls”) and Finance House Companies (“Finance Houses”). The revocation of the licenses was necessary because the S&Ls were insolvent even after a reasonable period within which the Bank of Ghana had engaged them in the hope that they would be recapitalized by their shareholders to return them to solvency. BoG assessed that these institutions had no reasonable prospects of recovery, and that their continued existence posed severe risks to the stability of the financial system and to the interests of their depositors.
BoG in accordance with Section 123(2) of the Act appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers Ghana Limited (“PwC”) as the Receiver for the purposes of winding down the affairs of these institutions.
The Receiver in accordance with Section 123 (3) of the Act has taken control of the 23 S&Ls and Finance Houses and is prosecuting the receivership in accordance with the provisions of the Act.
The Receiver has noted that some depositors of the 23 S&Ls and Finance Houses have not yet submitted their Proof of Debt (“PoD”) forms. Consequently, it is the intention of the Receiver to extend the period for depositors to submit their PoD forms to accommodate the needs of depositors who are yet to do so.
Notice is hereby given that depositors who have not yet submitted their claim forms should do so on or before Friday 18th October 2019 for validation. After this date, the Receiver will conclude that there are no more outstanding claim forms to be submitted.
ERIC NANA NIPAH
The Receiver
23 SAVINGS AND LOANS AND FINANCE HOUSE COMPANIES (IN RECEIVERSHIP)