“Where is all the money you made from borrowing?” – Johnnie Hughes on Databank saga

TV3’s broadcaster and NewDay host, Mr Johnnie Beresford Hughes has asked  Ghana’s leading investment firm, Databank  where all the money it made from leading the country’s borrowing spree has gone to following its inability to pay back its clients their investment.

“Where is the money? Where are the monies?  The people’s money? Where is it.? Where is all the money you made from borrowing where is it? Give the people their money? That all they are asking you. Give the people their money, give them, give them. Stop these excuses,” he said.

Mr Hughes raised the questions on Johnnie’s Bite on TV3 NewDay on Friday, December, 23 monitored by GhanaPlus.com.

“They say give them their money Databank, you have gone to bring police and things for how long? Give the people their money that is all they are asking you. You owe the people,” Mr Hughes said.

“They have money with you, take whatever you want and give them their money. Stop this kokoasa and hiding behind our staffs are being threatened and all that.  Give the people their money,” Mr Hughes added.

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.

Several of its clients have lamented the firm’s inability to pay them their investment which is due.

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 of 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.

Subsequently the investment firm has closed it offices across the country citing attacks on its workers as the reason.

A statement by issued by management said staff will continue to work remotely to address customers challenges.

Source: GhanaPlus.com