• Home
  • Business
  • MTN Ghana To pay GHS12.2m Savannah ‘Ponzi’ funds to victims
Image

MTN Ghana To pay GHS12.2m Savannah ‘Ponzi’ funds to victims

MTN Ghana has announced that it has finalised modalities for the disbursement of funds to victims of the Savannah Brokerage Investment Limited “Ponzi scheme”.

The decision for the payment was taken after the management of MobileMoney Limited met with representatives of the victims of Savannah Brokerage Investment Limited “Ponzi” scheme, the Ghana Police CID and the Regulator.

In line with this, the police CID has initiated the process to secure a court order to unfreeze the wallets to facilitate the disbursement.

MTN uncovered the suspected Ponzi scheme a few months ago and took steps to safeguard the interest of its customers by reporting the case to the Regulator and the Police. MTN was authorised to freeze the wallet for investigations to be conducted.

The total amount to be disbursed is GHS 12.288 million, which comprises GHS 12.096 million being the actual amount frozen by MobileMoney Limited and GHS192, 297 being the interest generated over the period.

Following the said meeting, the under listed m
odalities and actions were agreed by the stakeholders to guide the disbursement of the funds:

1. Only those who invested and have not received any payments qualify for refund

2. Those who invested and got part of their principal paid to them also qualify.

3. All those who invested and got their contributions back in full along with those who got their contributions and more do not qualify for the refund.

4. The refund will be disbursed proportionally based on each person’s contribution made as against the total investment.

5. Contributors who have received part of their investments before the freeze will have that amount deducted from their total expected and the difference paid to them. This is to ensure equitable distribution of funds.

6. Those who invested from their own mobile money wallets will not be required to provide any information because all related information are available.

7. However, those who visited various MTN Mobile Money Agent/Merchant points requesting for investments to be made o
n their behalf must provide at least the three mandatory items below for identification before refund would be made:

• Name of Agent/Bank Branch (Mandatory)
• Reference Number /Username (Mandatory)
• Amount (mandatory)
• Transaction ID
• Date

8. The modalities shall be made public for 5 working days after which the disbursements will commence, barring any development within the 5 working days and upon receipt of the court order to proceed with the disbursements.

9. MobileMoney Limited will send an activity report to the Regulator upon completion of the disbursement exercise.

MTN Ghana wishes to assure its customers that it will continue to work closely with the Regulator and other relevant stakeholders to keep the business of Mobile Money safe and secure.

Source: MTN Ghana

Related Posts

Stanbic Bank Ghana Donates Tractor For National Farmers’ Day

Stanbic Bank Ghana, in collaboration with Mechanical Lloyd Ghana, has donated a brand-new Massey Ferguson tractor to the…

Absa Group Ghana Sponsors Business Ethics Africa Conference

Absa Group has announced its sponsorship of the Business Ethics (BEN) Africa Conference for the second year in…

Ghana’s Crude Oil Production Sees Positive Surge in First Half of 2024

Ghana’s crude oil sector has achieved a significant turnaround in the first half of 2024, with production and…

Telecel Ghana Expands Customer Service with New Retail Shop at Marina Mall

Telecel Ghana, a leading telecommunications provider, has announced the opening of its latest retail shop at the Marina…

Leave a Reply

Your email address will not be published. Required fields are marked *