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Murky DKM management hide behind BOG to freeze payment of customers' interests

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The Bank of Ghana has denied directing Suunyani based microfinance company, DKM Diamond Microfinance company not to pay interests of their investors.

The company last week reopened its operations to the public last week after it received clearance from the Bank of Ghana to resume operations after a 120-day moratorium was placed on it for contravening the Banking Act.

Related: Finally Over BOG lifts moratorium placed on DKM Finance

However, the customers of the company have in up in arms over difficulties in retrieving their investments with the corresponding intrests.

According to some of the customers who spoke to Accra-based radio stations, Joy FM and Citi FM say management of the company are citing  a directive by the Bank of Ghana that the  company should not pay the customers' interests.

Related: Face-Saving DKM management begs customers to stay

But communication from the Bank of Ghana suggest that no such directive has been issued to the company.

Head of Other financial Institutions at the Bank of Ghana, Raymond Amanfo says the BOG has issued no such directive.

" We are not giving any directive to them that they shouldn't pay. What we have said is we have released their account, we have released the funds since 18, they are supposed to pay their liabilities to their clients. Thats the only directive we have given them."

Mr. Amanfo added that, " They are not supposed to take any fresh deposits, but they are supposed to pay all liabilities to their customers. Every liability that is accrued on their books, we don't know what they have agreed with their clients. So we cannot specify what they must pay them."

Raymond concluded that the impasse is an issue between the clients and the company, and not that of the Bank of Ghana.

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