We wish to update the former Gold Coast Structured Finance (SF) customers about our continuing program to make disbursements to them.
Since October 2018 we have disbursed over GHc100 million to our customers, over GHc 20 million of which was done via asset swaps. We will continue to offer assets to interested customers.
We are ready to make disbursements to the approximately 4,300 customers with account balances below GHc2,000. Payments of their principal balances will be made, in two equal installments, 30th September and 30th October.
We expect to announce the payment schedule for the 9,912 accounts between GHc 2,000 and GHS 3,000 in due course, followed by the 14,226 accounts with balances between 3,000 and 5,000. This program, which we expect to complete by December 31, 2019, covers over 25 percent of the entire portfolio.
Those customers scheduled to receive payments will receive notices by email, text message and in newspapers.
We have stepped up our efforts to redeem investments placed with other institutions. This includes continued engagements with the receivers of entities such as Beige Bank (now CBG) and First Allied Savings and Loans. We are also using the courts to compel companies and government agencies to pay back investment funds being held by them. We have judgments in excess of GHS 50 Million that are in the execution stage among others.
We appreciate the patience and acknowledge the continuing support shown to us by our customers.
GM Investor Relations