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Ex-staff of defunct Savings and loans companies to be paid salaries, related claims

Ex-staff of defunct Savings and loans companies to be paid salaries || The Receiver for the defunct Microfinance and Savings & Loans and Finance House will today commence negotiations with representatives of ex-staff of the companies.

This follows the decision of the Central Bank to pre-finance the full settlement of employee related claims.

In a press release issued on 13th July 2020, Mr. Eric Nipah – Receiver for the Resolved Microfinance and Savings & Loans and Finance House announced full payment of outstanding salaries and exit packages of ex-staff.

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The statement informed that “The Receiver will in the week commencing Monday, 13 July 2020 engage with the authorised representatives of the ex-staff to agree on modalities for the payment of outstanding salaries and exit packages to ex-staff of these resolved institutions.”

The Receiver announced that the Asset Realisations phase, a key component of the receiverships is currently underway albeit at a relatively slow pace due mainly to  Poor quality of assets of some of these institutions, Asset diversion and Misstatement of a significant number of assets of some of these companies in the financial records of these resolved companies.

To tackle these challenges, the Receiver is compelled to undertake a detailed assets tracing and forensics exercise in collaboration with the Economic and Organised Crime Organisation (EOCO) to locate and recover these assets.

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The statement further noted that the Receivership will only fully settle outstanding salaries and exit packages of ex-staff which have been duly validated agreed and in the resolution process.

|| Ex-staff of defunct Savings and loans companies to be paid salaries ||  ||

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