Prosecute all those defrauding savings schemes

Fifteen people have been arrested by the Office of the Prosecutor General in connection with causing losses to Micro Finance Institutions (MFIs). Their illegal acts are largely responsible for insolvency cases which led to a series of closures of MFIs in 2006. The apprehended are former managers or owners of the financial institutions, though some imprudent or irresponsible borrowers will also be pursued. Government has since intervened to minimise depositors’ losses by paying them half of their total deposits at closure time. The Prosecutor General promised the balance shall be recovered from the owners, managers and ‘illegal’ borrowers.