Disgruntled clients of Databank threaten to burn down company

Some disgruntled clients of Databank have threatened to attack the company for failing to honour withdrawal requests.

Chief Executive Officer of the firm, Kojo Addae-Mensah who disclosed this to JoyNews on Thursday, said the situation is serious and could get out of hand.

“It is a very serious matter. We have had people threatening that they will burn down the building and you know, you should understand that these are people’s life savings,” he said.

The company says it has not been spared the liquidity challenges that have beset the fund management industry owing to the ‘macro-economic crisis’ facing the country. It has therefore been unable to honour withdrawal requests by clients, some of who have been attacking staff verbally and physically.

The company on Wednesday evening announced it was shutting down its offices to allow staff to work remotely as a measure to protect them effective Thursday, December 22.

Management of the investment and fund management firm has since beefed up security around its premises following threats by the disgruntled clients to attack the office.

Mr. Addae-Mensah said Databank has begun conversations with regulators for some liquidity support.

“Some of the staff now were physically assaulted. In fact, I have been physically assaulted…because of all that is going on.

“We have been having conversations with our regulators, the Ministry, the Securities and Exchange Commission and the Central Bank. We need some liquidity support.

“They have heard us but unfortunately the liquidity support is yet to come. In one of the releases that the regulators came up with, there was supposed to be a financial stability plan that we were all going to tap in to support the vulnerable but it still has not materialised,” he stated.