“We are not running away” – Databank CEO assures clients

The Chief Executive Officer of Databank Investment Services, Kojo Addai Mensah has assured clients of the firm that they will engage them until said time their investment will be paid.

Speaking on TV3 News360 on Thursday, December 22, monitored by GhanaPlus.com he said “we want to assure clients that we are not running away, we are not leaving them, we are prepared to engage them”

Mr Addai Mensah blamed the development on government’s inability to fulfill its obligations in bonds to investors adding but it is not a Databank problem.

“…….And as I can assure them is not like we invested the money in some exotic, derivative somewhere in South Africa or something we put it in government of Ghana which when we were in school was said that government of Ghana investment is risk free but here we are, we put the money in risk free investment but times have changed, things have change and the government is unable to pay us so that we pay the clients.

“Those of our clients who have been with us for a while can attest to the fact that we have been very, very obedient, we been very, very on point to the latter by law. I mean when they ask for their monies, especially, with Mfund within 24hrs to 48hrs they get their funding,” Mr Addai Mensah said.

Databank unable to pay back investment

Databank has for some time now been loosing faith with its clients across the country for it inability to pay them back their investment.

The development begun months ago with tons of them loosing significant amount of their investment due to government economic restructuring, one of the measures in its current negotiations with the International Monetary Fund over the country’s ailing economy.

As at today, the investment firm is unable to meet its obligations to its clients as a results of government announcement suspending debt service payment under certain categories including bonds one of the key areas of investment of Databank.

Government suspends payment of Eurobonds, others as part of debt restructuring

The government on December 19 announced a suspension of all debt service payments under certain categories of external debt, pending an orderly restructuring of the affected obligations.

The suspension will include the payments on commercial term loans, most bilateral debt and Euro bonds.