Receiver of defunct Heritage Bank Ghana puts the bank’s properties up for sale

The Receiver has ordered that the Properties of Heritage Bank, an indigenous bank that lost its licence after the Bank of Ghana (BoG) reforms be auctioned on September 9, 2019.

Heritage Bank Ghana

The order was contained in public notice published on Thursday, September 5, 2019.

The listed properties up for auction are office furniture, other fitting equipment, two Toyota Land Cruiser V8 vehicles, seven Toyota Land Cruiser Prado vehicles and one Toyota Fortuner vehicle, used power plants (automatic voltage regulator (AVR), generators and UPS.

The notice explained that the auction would be carried out by one Mr Jonas Acquah of JONAC Mart, an auctioning firm, at Dzorwulu and Tema Motorway Industrial Area, both in Accra.

It is expected that the funds to be generated from the auction would be used to settle creditors.

Background

The Bank of Ghana (BoG) in January this year revoked the licence of Heritage Bank Ghana Limited.

BoG said it found out that aspects of the bank's operations breached various aspects of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The central bank then approved a purchase and assumption agreement with Consolidated Bank Ghana Limited to take over the liabilities and selected assets of the bank.

The BoG explained that the main shareholder of the defunct Heritage Bank Ghana Limited was not "fit and proper" to own a bank.

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