Investors who pumped money into Microno-finance Company Capital Builders Network (CB-Net) in 2010 could retrieve their monies after more than a year the company’s accounts was frozen.

Yesterday a judge at the Commercial court 1 Justice P. Bright Mensah ordered the Economic and Organized Crime (EOCO) to unfreeze the bank accounts and assets of CB-Net after EOCO initiated investigations over reports by Bank of Ghana that CB-Net was operating an illegal scheme similar to the Ponzi scheme.

Even though CB-Net dragged the Bank of Ghana to court over the matter, it later withdrew the case.

But according to the Chief Executive of CB-Net Yaw Diowusu Agyemang, the new development means investors whose monies have been frozen during the period can now have their monies.

“The process will take about two weeks before we can transfer to those who really qualify, the monies they have invested,” Mr. Agyemang said. “There is about 60,000 ghana cedis back to the customers, that it is if we do not get the license in good time. If we do, we will find out those who want to continue business with us”

Meanwhile, Mr Agyemang expressed his unhappiness about the protracted court battles but says CB-Net has applied for a new license from the BoG to streamline its operations under the bank’s regulations.

Source: citifmonline

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