Nana Ofori Owusu wonders why Databank is still operating following their challenges to protect their customers’ investments, thus incurring the wrath of their customers.
Nana Ofori Owusu argued that at the time of revoking the license of Gold Coast Securities, it invested 67 percent in government bonds and businesses but the SEC proceeded to terminate their operations despite pleading for time to resolve the issue of their investors.
“Today, we are learning that the finance minister’s company, Databank, has invested 90 percent of their money with government bonds and government securities. So, you collapse a company to support government business, bonds and securities; contractors, local Ghanaian contractors, were given the money and they did the project. He collects interim payment certificates, [some of them] About 8 of them, theirs is 30 million, some 50 million and others 5 million [a company] A company has invested GHC 4 billion in government securities and you are saying you will not pay the money and without paying their money, you have taken away their license.
“Now, Databank has come out to tell investors that they can’t pay their liquidity challenge but with them, they give 67 percent to government bonds and securities. They say it’s something like 90 percent of their portfolio. Do this thing but with them, you’ve created a stability fund to bail out your companies. ; We are being told to bail out your companies for about 15 billion … So, how can we live in a country where, on the one hand, when you do something and I don’t like you or I think you are not beautiful to me, I will destroy your company?”, he argued.
Nana Ofori Owusu argued that at the time of revoking the license of Gold Coast Securities, it invested 67 percent in government bonds and businesses but the SEC proceeded to terminate their operations despite pleading for time to resolve the issue of their investors.
Last year, some angry customers reportedly forced Databank’s staff to resort to remote operations and work from home.
A fund management company has announced that it will close its offices and remote work for its staff from December 22, 2022 following physical and verbal attacks on some of its clients.
