PwC to take ‘legal action’ against loan defaulters of defunct UT, Capital Banks

• Posted on January 21, 2019
• by Ellsamwise King
• Comment

Price Water House Coopers (PwC) has hinted of possible “legal action” to help recover outstanding loans secured from defunct UT and Capital Banks.

This was after the joint receivers for the defunct banks, Price Water House Coopers, had published the names of these defaulters in the newspapers on January 18 2019.

According to the notice signed by Vish Asiagbor and Eric Nana Nipah, the former customers who had defaulted in the loan obligation should try and settle their indebtedness by March 31, 2019.

They added that “this notice is without prejudice to any legal action that the Joint receivers may institute to recover all the amounts owed to UT and Capital Banks.”

Why this action?

Sources say the move has been influenced by some challenges in recovering these loans. This is part of some measures that they adopted for these individuals and business to settle their indebtedness.

However, JoyBusiness has learned that the “action” which could happen at the end of March 2019, would target firms and businesses that fail to honour or have not taken steps to pay these loans.

Based on the notice from the Joint receivers, UT bank has about a total number of 58 entities that have defaulted on their loans. Capital Bank has 33 entities that are said to be defaulting on their loans.