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Business News of Monday, 17 October 2016

Source: Myjoyonline.com

We will go back to court; outraged DKM customers vow

Some outraged customers of DKM Microfinance Limited have threatened to go to court over the amounts of money given them.

Some of the customers said they have been given paltry sums not close to what they invested in the company.

"We are going back to the court to fight this matter, take DKM assets, confiscate them by court order and sell them for the rest of our money," Leader of the Concerned Customers of DKM and Other Microfinance Companies, Maxwell Mahama told Joy News.

Background

Following the Bank of Ghana’s move in 2015 to stop the company and others from operating over concerns that there were violating the microfinance regulations, millions of cash deposited by the customers at DKM, God is love among other micro-finance companies were locked up.

DKM was alleged to have invested about GH¢77 million of its customers’ deposits in its subsidiary companies – DKM Airlines Company, DKM Fuel Station, DKM Transport, DKM Shea Butter Company and DKM Mining Company, among others.
Weeks after depositors lost their monies to DKM and the other companies, President John Mahama ordered the freezing of accounts of the owners as well as the auction of properties to pay the debts owed the customers.

Several demonstrations and other attempts by the customers to retrieve their money failed.

The Registrar-General’s Department under the Ministry of Justice was engaged by the BoG to handle the liquidation processes of DKM.

Sharing of money

Upon completion of the liquidation, the official liquidator began paying the monies of some 350 customers on Monday, October 17.

Joy News' Precious Semevoh reported that some of the aggrieved customers arrived as early as 4:30am at the GCB Bank in Sunyani in the Brong Ahafo Region.

But some left the venue outraged because they were reportedly given smaller amounts than what they invested.

According to Maxwell Mahama, out of 93,000 affected customers, less than 40,000 customers are being paid.

"So if you deposited Gh?100.00 or Gh?200.00 you will be paid all the amount, whereas if you invested Gh?3000.00, Gh?4000.00 you will not be paid all...what can of analysis is this," the furious leader quizzed.

Another angry customer who described the money given them as an insult said he invested Gh?45,000 but it had been indicated that he is to receive Gh?3500.00.
Reports say the situation is similar at Techiman as customers who have lined up at the GCB Bank limited fume over money given them.