Threats on our lives very serious; clients want to burn offices – Databank CEO opens up

Chief Executive Officer of Databank, Kojo Addae-Mensah has revealed the life-threatening conditions his staff had to endure in the past few days, necessitating the firm’s directive to staff to work remotely.

He said some disgruntled clients of Databank have carried through their threats by physically attacking workers.

He himself has not been spared the physical attacks due to the company’s inability to honour withdrawal requests, Mr. Addae-Mensah told Joy News on Thursday.

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

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 is therefore unable to honour withdrawal requests by clients, leading to the raging turmoil.

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

“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.

The investment firm issued a notice to clients that its staff would work remotely as the firm shuts down its offices effective Thursday, December 22.

“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,” Mr. Addae-Mensah said.

Read also: Databank shuts down offices over threats on staff lives