Close down Databank immediately – PPP Chairman to SEC

Nana Ofori Owusu wondered why Databank is still operating following their challenges to protect the investments of their customers, hence incurring the wrath of their customers.

Nana Ofori Owusu argued that at the time Gold Coast Securities’ licence was revoked, it had invested 67 percent in government bonds and businesses but SEC went ahead to end their operations despite their pleas for time to address the problem 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 one company for supporting government business, bonds and securities; contractors, local Ghanaian contractors, were given money and they completed the project. They raise interim payment certificates, [some of them] about 8 of them, theirs were 30 million, some 50 million and others 5 million but [a company] one company has invested about GHC 4 billion in government securities and you’re saying you won’t pay the money and in not paying their money, you took away their licence.

“Now, Databank has come out to say they too are unable to pay investors their liquidity challenge but with them, it was 67 percent that they give into government bonds and securities. They say it is 90 something plus percent of their portfolio was used to do this thing but with them, you have created a stability fund to bail out your companies; about 15 billion we are being told, to bail out your companies . . . So, how come that we live in a country where, on one hand, when you do something and I don’t like you or I think you are not beautiful to me, then I will destroy your company?”, he contended.

Nana Ofori Owusu argued that at the time Gold Coast Securities’ licence was revoked, it had invested 67 percent in government bonds and businesses but SEC went ahead to end their operations despite their pleas for time to address the problem of their investors.

Last year, some angry customers were said to have threatened the staff of Databank compelling them to resort to remote operations and working from home.

The fund management company further announced a closure of its offices and remote work for its staff effective December 22, 2022 following the physical and verbal attacks on them by some of its clients.