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Crédit Mutuel is not inviting depositors to withdraw their savings, at least not yet

Crédit Mutuel is not inviting depositors to withdraw their savings, at least not yet

Paru le mercredi, 20 mars 2019 17:18

Crédit Mutuel’s depositors have not yet been called to withdraw their savings

An ‘alert’ shared on WhatsApp is calling people who have monies saved at Crédit Mutuel to quickly withdraw all their savings. The message evokes an “imminent closure by Cobac (the supervisory body for all credit and microfinance institutions in CEMAC) by March 26.”

This information is not correct. In suspension of payment since 2016 due in particular to “heavy cash-flow tensions,” the microfinance institution has been put in liquidation.

On February 13, the liquidator appointed for this purpose published a press release announcing the closure of the provisional administration under which this financial institution was placed, the withdrawal of its authorization by Cobac and the opening of the bank liquidation procedure.

The liquidator therefore invites “all creditors to remain calm, while informing them that the procedure for the filing of their claims has been open” since 28 February 2019.

“It’s a regular procedure that collects and records supporting documents of potential debtors. At the end of this operation, we will clearly know the number of creditors and the amount of the receivables,” liquidator, Emmanuel Eboa, explained by phone. According to the latter, the liquidation of assets will be initiated at the end of this procedure. Depositors will therefore have 30 days, “in accordance with the regulations in force,” to go collect their savings


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