News | 'Kwesi Nyantakyi' causes panic withdrawals at Savings & Loans Company

'Kwesi Nyantakyi' causes panic withdrawals at Savings & Loans Company

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Business News of Friday, 13 July 2018


Money Cedis NotesManagement of First Allied Savings says there's no customer bearing the name Nyantakyi

Management of First Allied Savings and Loans Company has expressed worry over panic withdrawals caused by reports that an alleged shareholder by name Nyantakyi is to take over the company.

According to the management, the panic withdrawals occurred when suspended Chairman of the Ghana Football Association (GFA)Kwesi Nyantakyi was caught on tape over corruption allegations in an expose’ by Anas Aremeyaw Anas.

Management of the company believes the alleged shareholder’s name has been mistaken for former GFA Chairman, Kwesi Nyantakyi’s.

“We realized a lot of people were coming into our branches to withdraw which was much more than our liquidity plan. So after about a week, we realized that we had shot through the roof with withdrawals. That was just around the time we got to know that there is news in town that we have one share holder called Nyantakyi and that government is looking to lay hold of his assets,”a Management representative of First Allied Savings and Loans, Yaw Antwi narrated to Citi Business News.

He continued that “People had acted on that information and thronged into the banking hall to take their money. So it was then we realized that it was not just a normal withdrawal but some false information that is going on” he explained.

Yaw Antwi clarified that there is no shareholder by that name and as such customers should not rush to the company to withdraw their funds.

“We don’t have any shareholder by name Nyantakyi so all our customers should be calm” he assured.

The Savings and Loans Company has also further reassured customers that their funds are safe and secured.

Yaw Antwi stated that the company is working assiduously to rectify any challenge caused by these developments in the past few weeks.

He told Citi Business News the company has branches all over the country.

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By Genny Smith 12/07/2018 19:37:00