115 of 169 vehicles have so far been auctioned under the auspices of the Receiver of the collapsed financial institutions.
The auction process which started on Monday ended today, Friday, February 7 2020.
The cars which are part of assets belonging to the defunct financial institutions were auctioned to enable the Receiver to facilitate payments to customers of the collapsed institutions.
Spokesperson for the Receiver, Philomina Kuzoe, told Citi News that the auction process was largely successful.
“I think they did a good job. Honestly for those that think the vehicles were on the high, we’ll go back to the valuers so that they’ll revalue them. The depositors are part of a body of creditors that the defunct microfinance institutions owe. It means that whatever we get here will be distributed according to Act 930. This auction has been successful,” she noted.
Receiver happy about auction
The Receiver of the 347 Microfinance companies and 23 Savings and Loans and Finance houses that faced insolvency said he is happy with the patronage of the auction of vehicles recovered from some of the insolvent entities.
The auction attracted patrons looking to outbid each other.
Philomina Kuzoe said that the numbers exceeded expectations and that the receiver was adequately prepared to carry out the exercise in as professional a manner as possible.
She further described as false, reports that were circulating about the exercise that sought to suggest that the results of the auction…