The Registrar-General who is the Official Liquidator said in a public notice that depositors who filed cases in court against DKM and wish to withdraw the case can also do so for renegotiations before the May 31 deadline.
Hundreds of depositors lost millions of cedis in investments after the Bank of Ghana (BoG) suspended the operations of the DKM for violating the Banking Act, (673), 2004. This happened in 2015.
Subsequently, the BoG later confiscated the assets of the company and appointed the Registrar General’s Department as the official liquidator to start the process to pay customers funds.
The Finance Ministry indicated that the liquidator received a total of 99,858 claims which amounted to some GHC502 million.
When the Finance Minister read the 2019 budget in November 2018, he said that the government had paid 80 percent of those claims and a fund was set aside at the BoG for the remaining 20 percent of depositors to be paid.
“Government has also taken steps to settle all claims of DKM customers. Mr Speaker, you would recall that DKM Diamond Microfinance Limited had its license revoked in February 2016 with considerable suffering imposed on depositors without any meaningful response from the previous government, that has significantly changed, Mr Speaker.”
But in a notice, the liquidator said depositors who had investments above GHC10,000 must sign the Term of Settlement with the Liquidator before the deadline in order to receive their funds.
In a related development, depositors who have outstanding balance have also been asked to sign the Term of Settlement to receive their money by May 31.
The liquidator added that it will complete the validation processes to pay depositors who were not given their investments earlier due to insufficient supporting documents by the end of February.