Photos: The receiver auctions cars of defunct Savings and loans and microfinance firms to repay depositors

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The Receiver of the collapsed Savings and Loans and Microfinance companies, Eric Nipah has taken initiatives to auctions cars and motorbikes owned by the collapsed firms.

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 this is in accordance with his mandate to secure all assets of the affected companies and maximize their realizations for the benefit of creditors.

The statement which was also published in some newspapers said the auction exercise will start on Wednesday, January 29, 2020. It is expected to last for 9 days.

Two main activities will be involved. These are the inspection of the items on sale as well as the auction of the items.

The inspection will span for 3 days from Wednesday, January 29, 2020, to Friday, January 31, 2020. The auction will last for 5 days, from Monday, February 3, 2020, to Friday, February 7, 2020.

The exercise will come off at 9:00 am each day at the College of Physicians and Surgeons.

The Receiver said the highest bidder shall be the purchaser. Also, the auction will be strictly cash down at the fall of the gavel or the vehicle will be re-auctioned.

The vehicle types on auction involve; salon, SUVs, pick-ups, motorbikes with brands like Toyota, Hyundai, KIA, Ford, and others.

The auctioneers include; Wildos Mart, Broadway Mart, and Yakamarta Mart.

The Bank of Ghana (BoG) revoked the licences of 347 microfinance companies and 23 Savings and Loans and Finance Houses in May and August 2019. The BoG said these firms were insolvent.

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The affected customers have often complained about the delay in accessing their locked up cash which has led to protests in some instances by aggrieved customers.

The government has announced the allocation of about GHC15billion to resolve the challenges following the financial sector reforms.

IN THE MATTER OF THE BANKS AND SPECIALISED DEPOSIT-TAKING INSTITUTIONS ACT, 2016 (ACT 930)
IN THE MATTER OF THE RECEIVERSHIPS OF THE 347 MICROFINANCE COMPANIES AND THE 23 SAVINGS & LOANS AND FINANCE HOUSE COMPANIES
NOTICE TO THE GENERAL PUBLIC

AUCTION SALES OF FIRST BACTH OF USED VEHICLES AND MOTOR BIKES OF THE 347 MICROFINANCE COMPANIES AND THE 23 SAVINGS & LOANS AND FINANCE HOUSE COMPANIES (ALL IN RECEIVERSHIP)

As you may be aware, pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), Bank of Ghana (“BoG”) on 31 May 2019 and 16 August 2019 revoked the operating licenses of 347 insolvent Microfinance Companies and 23 Savings and Loans and Finance House Companies respectively.

BoG in accordance with Section 123(2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) 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.

A key component of the Receiver’s mandate is to secure all assets of the resolved companies and maximise their realisations for the benefit of creditors.

Accordingly, the Receiver wishes to inform the general public that there will be a Public Auction of the first batch of used Motor Vehicles and Motor Bikes of these resolved companies. Details of the Public Auction are as follows:

Duration for Inspection of Items on Sale: Wednesday, 29 January 2020 – Friday, 31 January 2020

Auction Duration: Monday, 3 February 2020 – Friday, 7 February 2020

Venue: College of Physicians & Surgeons, Examination Hall 1, Ridge Roundabout

Time: 9:00am Daily

Conditions and Payment Modalities:  Strictly Cash down at the fall of the gavel or vehicle will be re-auctioned.  “As is where is”  Highest bidder shall be the purchaser

Vehicle Types: Salon, SUVs, Pick-ups, Motor Bikes

Vehicle Brands: Toyota, Hyundai, KIA, Ford and others.

Auctioneers: Wildos Mart (0244381303, 0208112627) Broadway Mart (0246004242, 0208166306) Yakamarta Mart (0208183500, 0243668984) Receiver’s Representative: Joseph Okyere, Tel: 024 469 2962 and Jerry Arhin Tel:020 202 4404

Kindly contact the Auctioneers if you require any further information on the Auction.

Below are pictures of some of the cars;

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