Private Legal Practitioner in the Upper East region, Lawyer Joseph Dindiok Kpemkah has disclosed that he is preparing to file a law suit against the Bank of Ghana for failure to perform its oversight duty of regulating the activities of Micro finance companies in Ghana.
According to him, the Bank of Ghana, the regulatory body which has an oversight responsibility over the activities of micro finance companies failed to perform it’s duty of ensuring that micro finance companies complied to stipulated regulations hence the current problems most people in the upper east region are faced with.
The Upper East, Brong Ahafo and Upper West Region early this year were hit by a financial scandal after DKM Diamond Micro finance was asked by Bank of Ghana to cease operations in the Regions in which the micro finance company was operating.
Speaking to A1radio’s Azongo Albert, Lawyer Joseph Kpemka disclosed that he wrote to the Bank of Ghana drawing the regulatory body’s attention to the show of negligence with regards to issues of some micro finance companies which are now defunct and has left a number of customers frustrated.
He mentioned that although the Bank of Ghana acknowledged receipt of his letter, the regulatory body has since not taken the pain to reply him therefore he will sue the Bank in order for it to do the right thing in the future.
“I wrote to the Bank of Ghana quoting sections of the banking act and they have not replied at all. I wrote to them that what happened in the case of DKM and other micro finance companies, they were negligent as a bank and if they had exercised their oversight responsibility with candour and care we won’t have got to where we are so I have been instructed by my clients and very soon we are going to serve them with a writ and Bank of Ghana will be made to pay all the monies lost.”
He was of the view that if he is able to win the case against the Bank of Ghana, it will be a precedence and will also put officials of the regulatory body on their feet because to him, the furor and deaths which occurred as a result of the activities of these micro finance were avoidable if the individual paid to supervise them had done his/her work.
On payment of parts of the locked up cash to customers, the lawyer said the liquidator has gone contrary to the rulings of the court and that payments been made is in contempt of court.
“They are in complete breach, they are in contempt of the high court. The court ruled that the liquidation process was null and void and that has not been overturned by the court of appeal so all they are doing is in contempt of court. The lawyers are being lenient and have not taken a court action because people are taking their deposits.”
He mentioned that customers who have issues with the amount being paid to them by the liquidator can take their case to court in order to get the liquidator come clear on the amount to be paid to them.
By: Offei-Akoto Ayeh/A1RADIOONLINE.COM/GHANA
