Accra, Ghana

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GHS23.9m money from collapsed Capital Bank legal—IFS Capital

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IFS Capital Management Limited has clarified that money paid to it by defunct Capital Bank was legitimate.

According to IFS Capital, the 23.9 million cedis was paid in respect to accumulated debts owed to them by the defunct bank and as such not an illegitimate payment.

In a release, IFS Capital also explained that the money was paid after a petition was sent to the Financial Stability Department of the Bank of Ghana in May 2015 after which a subsequent intervention by the regulator enabled them retrieve the payment.

IFS also assured customers that the necessary steps was taken to recover debts in the interest of their depositors.

They made this clarification after it emerged that the defunct Capital Bank made an alleged illegal payment of 23.9million cedis to them from the liquidity support from BoG to Capital Bank.

By: Jessica Ayorkor Aryee/

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