Finance Minister Ken Ofori-Atta has disclosed that government has paid 80 percent of DKM customers whose funds were locked up in the collapsed microfinance company.
Mr. Ofori-Atta stated that government has set aside funds at the Bank of Ghana to settle all depositors upon validation.
He made these remarks while presenting the 2019 budget in parliament on the theme “A Stronger Economy for Jobs and Prosperity”.
“Government has set aside funds at the Bank of Ghana to pay the remaining 20 percent of depositors upon validation. An additional 12,612 claims have been fully provided for, but the customers have not as yet been able to show proof of deposit. This means that 92 percent of DKM claims from depositors have been paid or provided for” he announced.
Mr. Ofori-Atta explained that out of the 99,859 claims, 79,708 making up 80 percent of the DKM customers have been settled.
“The official liquidator which is the Registrar General’s Department official liquidator received 99,858 claims and the validated claims amounted to GH¢502 million. I would like to inform the country that out of the 99,858 claims, 79,708 (80 percent) have been settled and depositors have been paid” he said.
Background
The Bank of Ghana (BoG) suspended the operations of DKM Diamond Microfinance Company Limited for violating the Banking Act.
DKM Diamond Microfinance Limited had their license revoked in February 2016 after they faced liquidity issues which got customers agitated and called on government to intervene.
Thousands of depositors lost their funds running into millions of cedis until the BoG stepped in.
