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Business News of Friday, 7 February 2020


Defunct Microfinance: Receiver to revalue unsold vehicles for future auctioning

Spokesperson for Receiver of the defunct Savings and Loans companies, Philomena Kuzoe, says vehicles that fail to sell at the ongoing auctioning will be revalued for future sales.

Her comments come on the back of bidders expressing dissatisfaction at the pricing of the vehicles on display at the auctioning exercise.

Over 100 vehicles belonging to defunct Savings and Loans companies have been displayed for auction in Accra.

The prices some patrons said scared them and this made the receiver unable to sell all vehicles.

Speaking to GhanaWeb on the sidelines of the event in Accra, spokesperson for the Receiver said “many factors were weighed-in on the pricing”.

According to her, unsold cars after the auctioning will be re-valued by the valuators and added to future auctions.

She explained that the vehicles were “valued by professional valuers. We got our values from STC and they came up with the figures. I believe that it is a free market and bidders are not obliged to patronize cars which are beyond their budget.”

The Receiver of the collapsed 347 microfinance companies and 23 savings and loans and finance house companies set Monday, February 3 to Friday, February 7, 2020 to auction the first batch of used motor vehicles and motorbikes of the affected companies.

The vehicle brands include Toyota, Hyundai, KIA, Ford, among others.

The money the receiver makes from auctioning the vehicles will be used to pay the affected customers of the defunct companies.

A statement released by the receiver said the exercise is in accordance with its mandate to secure all assets of the affected companies and maximize their realizations for the benefit of creditors.