The Consolidated Bank Ghana limited is to lay off 700 staff of the now defunct bank, Beige.

The exercise will begin on Monday, August 27, 2018, Starrfmonline.com has learnt.

Workers of the firm have been informed of the decision. Starrfmonline.com has intercepted a copy of the list of staff who will be affected in the exercise.

Below is a memo to unit heads after a management meeting

The outcome of today’s meeting with HR refers. Kindly adhere to the below sequence:

1. Place memos on the accounts of the attached exiting staff

2. Engage the Micro banking team (all Field Tellers, FSO internal and outsourced) today to discuss their exit, which is effective Monday, August 27, 2018

3. Notify them of the clearance procedure which includes reconciliation of their portfolios and submission of their assets to the HR office.

4. Customers will be informed to avoid dealing with Field Bankers effective immediately and should visit the branches over the next 2 weeks ending 7 September, 2018 for reconciliation of their passbooks.

5.Each branch has Two working weeks, effective Monday, August 27, 2018 to reconcile all customer passbooks.

6. Where an FT/FSO is fully cleared by the branch after the two weeks period, communication should be sent to helpdesk-hr for approval to remove the memos from their accounts.

All should duly follow the procedure above and contact HR for further clarification where needed.

Beige was accused by the Bank of Ghana of securing their banking license under false pretense.

“Beige Bank and Construction Bank were each granted provisional licenses in 2016 and launched in 2017. Subsequent investigations conducted by the Bank of Ghana, revealed that similar to the case of Sovereign Bank, both banks obtained their banking licences under false pretenses through the use of suspicious and non-existent capital, which has resulted in a situation where their reported capital is inaccessible to them for their operations.”