The Bank of Ghana has stated that global Access Savings and Loans Company, one amongst the businesses that lost its license, was still paying rent to its majority stockholder even at the purpose once the corporate was unable to fulfill depositors’ demands.
The central bank on friday revoked the license of the Osu-headquartered global Access Savings and Loans company along side that of 14 different savings and loans companies as well as eight finance houses after they were declared insolvent.
But explaining why the corporate, aforementioned to be owned by businessman Dr. Kofi Amoah, was plagued by the cleanup, the bathroom press statement said, among different things, that: “the institution continues to record accumulated losses due principally to high rent expenses paid to the majority stockholder for the utilization of its premises.
“The institution did not keep accounting records in a manner that provides an accurate and reliable account of its transactions constitutes unsafe and unsound banking apply.”
The head office of global Access Savings and Loans operated from a storey building that housed the previous citizen Kofi entertainment Centre, close to the Oxford Street in Osu.
The central bank additionally stated that the company assumed the liability of a loan contracted by the majority stockholder amounting GH¢2.91 million.
“The loan quantity was injected into the institution as equity capital. The liability was however concealed as a suspense account within the books of global Access Savings and Loans restricted,” the central bank added.