Ex-staff of the now-defunct Capital Bank are going to be paid their severance packages following the say-so of the Bank of Ghana.

The central bank in August 2017 revoked the licence of Capital Bank and UT Bank on grounds of being “deeply insolvent”.

BoG explained at the time that the liabilities of the two local banks exceeded their assets, thus, putting them “in a position not to be able to meet their obligations as and when they fell due”.

The workers have been agitating for their end-of-service benefits for over two years after the banks were subsumed by the state-owned GCB Bank.

But the Joint Receivers of Capital Bank said they were waiting for the central bank to give the order before payment.

A statement issued by the receivers on Wednesday, said: “BoG has instructed that part of their interim dividends distributable by the Joint Receivers to them (BoG) as a first priority creditor, be used to fully fund the severance packages of the ex-staff of Capital Bank.”

“The Joint Receivers will notify ex-staff of the bank through their representatives, of the timing and mode of these payments in the course of the week,” the document stated.

-Classfmonline

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