CJ orders SIC, Ivory Finance judge to recuse himself

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Fama 8 years ago

What kind of interest rate balloons a loan of 14 million to over 230 million in just 2 years

What kind of interest rate balloons a loan of 14 million to over 230 million in just 2 years
Yaw Mensah 8 years ago

The judge should not have waited to be told to recuse himself/herself.

They have not learnt the lessons Anas sought to have given them.

The judge should not have waited to be told to recuse himself/herself.

They have not learnt the lessons Anas sought to have given them.
KAY 8 years ago

SIC could have given this money to about 10,000 petty traders who would have paid back easily but chose to guarantee for one company. SIC should at least learn from SSNIT and undertake some projects of national interest whic ...
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SIC could have given this money to about 10,000 petty traders who would have paid back easily but chose to guarantee for one company. SIC should at least learn from SSNIT and undertake some projects of national interest which could be monumental. How can this money be paid. The Managers of SIC involved in this decision must be stopped from taking those fat allowances with immediate effect and even slash their salaries before judgement is given. God Bless.
Sappey-Agboh -Atsiame-Alagbokope. 8 years ago

How is it possible for a debt of 14 million metamorphosed to a whopping amount of over 230 million within two years? How was the interest rate calculated? This is pure fraud. the case should be carefully scrutinised to avoid ...
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How is it possible for a debt of 14 million metamorphosed to a whopping amount of over 230 million within two years? How was the interest rate calculated? This is pure fraud. the case should be carefully scrutinised to avoid bankrupting SIC. The CEO should be surcharged for this loss. Would SIC be allowed to charge the defaulting company for this loss?
Colonel 8 years ago

Chief justice must be careful. Ivory finance is a fraudulent institution. How does 14 million become 232million in just 2 years.. corrupt system we find ourselves in.

Chief justice must be careful. Ivory finance is a fraudulent institution. How does 14 million become 232million in just 2 years.. corrupt system we find ourselves in.
United Ghana 8 years ago

I've no doubt it's criminality involving people in high places. Ghc14m becomes Ghc232m in 2yrs? There isn't a more profitable investment. GNPC are providing guarantees for the barges - watch this space.

I've no doubt it's criminality involving people in high places. Ghc14m becomes Ghc232m in 2yrs? There isn't a more profitable investment. GNPC are providing guarantees for the barges - watch this space.
Fiifi 8 years ago

Please do not conclude criminal intent if you have limited information.

Understand the effect of compound interest, I've come to realise that most Ghanaians are 'illiterate' when it comes to finance.

This is from the go ...
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Please do not conclude criminal intent if you have limited information.

Understand the effect of compound interest, I've come to realise that most Ghanaians are 'illiterate' when it comes to finance.

This is from the government to the common man on the street.

We need more finance education.

God help our nation.
Fiifi 8 years ago

Pardon my typos... compound interest

Thanks

Pardon my typos... compound interest

Thanks
Kay 8 years ago

@Fiifi mr finance expert can you educate us how possible 14million Ghana cedis can balloon to over ghs 220 in two years even if the annual interest is 100%. It means after a year the interest is ghs14 million so the second y ...
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@Fiifi mr finance expert can you educate us how possible 14million Ghana cedis can balloon to over ghs 220 in two years even if the annual interest is 100%. It means after a year the interest is ghs14 million so the second year the interest is worked out on the principal plus the interest that's on ghs28 million. I might be wrong so please educate us or there is tapographical error in the figures quoted.
Fiifi 8 years ago

Please read Business and Financial Times article on the subject which sheds more light on the case.

Interest applicable was 5.5% per month plus a penal charge of 8% per month on outstanding payment until full payment is re ...
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Please read Business and Financial Times article on the subject which sheds more light on the case.

Interest applicable was 5.5% per month plus a penal charge of 8% per month on outstanding payment until full payment is received. So clearly, on defaulting on the facility applicable rate from March 2013 was 13.5% per month or 162% p.a.

And so you can do the maths using A(1+0.135)Power24 assuming a two year term, the loan amount will be circa GHc292 million. So you see the effect of compound interest on a small loan of 14m?

But the loan amount repayable per the article is less meaning at some point interest was frozen.
Fiifi 8 years ago

Mr Kay, please see my comments on the same subject explaining how 14m can sky rocket to circa 233m in 2 years if interest applicable is 13.5% per month (5.5% interest plus 8% penal charges) as is the case with this transactio ...
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Mr Kay, please see my comments on the same subject explaining how 14m can sky rocket to circa 233m in 2 years if interest applicable is 13.5% per month (5.5% interest plus 8% penal charges) as is the case with this transaction.
foko 8 years ago

The company which took the loan is in bed with the finance company

The company which took the loan is in bed with the finance company
United Ghana 8 years ago

Please don't insult the intelligence of Ghanaians. If the report is correct ie interest since 2013, then it's outrageous even with compound interest which works out at almost 2000%. You need educating.

Please don't insult the intelligence of Ghanaians. If the report is correct ie interest since 2013, then it's outrageous even with compound interest which works out at almost 2000%. You need educating.
Fiifi 8 years ago

My educated friend, perhaps before you tell me to educate myself you should also note that you cannot come to a conclusion on a matter, if you don't have sight of the full facts.

My comment on financial literacy of Ghanaia ...
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My educated friend, perhaps before you tell me to educate myself you should also note that you cannot come to a conclusion on a matter, if you don't have sight of the full facts.

My comment on financial literacy of Ghanaians is based on my experience as a lecturer and as a banker who has been in contact with several Ghanaians. Thank you.
Fiifi 8 years ago

Again, let me point out to you in case you're not aware that when you default on any loan, you're also charged penal interest which is on top of whatever interest rate charged and it also imperative to note that most faciliti ...
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Again, let me point out to you in case you're not aware that when you default on any loan, you're also charged penal interest which is on top of whatever interest rate charged and it also imperative to note that most facilities in Ghana have variable interest charges.
GORGORDUTOR 8 years ago

All the ladila about penal interest is bogus. If the principal amount is 14M at 100% for 1 year assuming the loan term expired Jan 1 2014. If penal interest applies and is calculated at 150% the total amount assuming no pri ...
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All the ladila about penal interest is bogus. If the principal amount is 14M at 100% for 1 year assuming the loan term expired Jan 1 2014. If penal interest applies and is calculated at 150% the total amount assuming no principal or interest payments were made on jan1 2016 would amount to 14M+14M+21M+21M=70M. NOT 232M!! GIVE ME A BREAK!!
Says Who. 8 years ago

How does a 14 million loan balloon to the current figure in two years huh?
Penal damages, dont make me laugh.

Listen Mr Lecturer in Finance there is nothing justifiable in this case. It is a fraud because it does not make ...
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How does a 14 million loan balloon to the current figure in two years huh?
Penal damages, dont make me laugh.

Listen Mr Lecturer in Finance there is nothing justifiable in this case. It is a fraud because it does not make sense.

And please don't bother to try and explain. I will get annoyed.
Fiifi 8 years ago

Please read article on Business and Financial Times in April 2015 on this case for more information.

If you care to know, the interest on the facility was 5.5% per month and penal charge was 8% per month making the interes ...
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Please read article on Business and Financial Times in April 2015 on this case for more information.

If you care to know, the interest on the facility was 5.5% per month and penal charge was 8% per month making the interest rate 13.5% per month.

My educated friend now work out the compound interest on 14m?

If you care to know, the a loan of 14m that remains unpaid at the rate given in 24 months, the balance payable will be circa 292million.

The formula for calculating that is 14x1.135 Power (24) now work that out yourself.

Clearly, it does appear that interest seems to have been frozen on the above facility at some point.

Please know your facts before you comment on issues. Thank you.
Kkk 8 years ago

Hmmm Ghana is now milked by foreigners and same company owned by Woyome benefactors and etc

Hmmm Ghana is now milked by foreigners and same company owned by Woyome benefactors and etc
Luther King 8 years ago

So ghc14million has turned to ghc 232m in only two years? Which judge awarded the first judgement? Ghana's Judiciary hmmm.

So ghc14million has turned to ghc 232m in only two years? Which judge awarded the first judgement? Ghana's Judiciary hmmm.
Prince David 8 years ago

The CJ is acting as if she is a saint.You better start confessing to the almighty for forgiveness for all the CJ is doing is camouflage.Jesus is watching us and everything laid bare before him.

The CJ is acting as if she is a saint.You better start confessing to the almighty for forgiveness for all the CJ is doing is camouflage.Jesus is watching us and everything laid bare before him.
Ritewing 8 years ago

Who are the owners of Ital? And how come a manager of SIC will sign onto a filthy contract like this? Simply, it is Create Loot and Share.

Who are the owners of Ital? And how come a manager of SIC will sign onto a filthy contract like this? Simply, it is Create Loot and Share.
Oheneba 8 years ago

Is Ivory really serious about all this?
Heard that there is a Eoco report and everyone is tight lip about it.
Can we know what is in the report

Is Ivory really serious about all this?
Heard that there is a Eoco report and everyone is tight lip about it.
Can we know what is in the report

CJ orders SIC, Ivory Finance judge to recuse himself

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