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Databank Customers Threaten To Burn Down Offices

Fri, 23 Dec 2022 Source: iNews

Some unhappy clients of Databank have said they will attack the company if withdrawal requests aren't met.

Kojo Addae-Mensah, the CEO of the company, told JoyNews about this on Thursday. He said the situation is bad and could get out of hand.

"It's a very important issue. People have said they are going to burn down the building, and you should know that these are people's life savings," he said.

The "macro-economic crisis" in the country has caused liquidity problems in the fund management industry, which the company says it has also had to deal with. So, it hasn't been able to honor withdrawal requests from clients, some of whom have been verbally and physically attacking staff.

On Wednesday night, the company said that starting Thursday, December 22, all of its offices would be closed so that employees could work from home.

Since the unhappy clients threatened to attack the office, the investment and fund management firm has increased security around its buildings.

Mr. Addye-Mensah said that Databank has started talking to regulators about getting some help with cash flow.

"Some of the staff have now been hurt physically. Because of everything that is going on, I have been physically hurt.

"We've been talking with the Ministry, the Securities and Exchange Commission, and the Central Bank, which are our regulators. We need some liquidity support.

"They heard us, but the liquidity support hasn't arrived yet. In one of the announcements the regulators made, there was supposed to be a plan for financial stability that we could all use to help the weak, but it hasn't happened yet," he said.

Source: iNews