About 150 vehicles are expected to be auctioned by the Receiver of some 347 collapsed microfinance companies and 23 savings and loans companies in a bid to recover locked up funds of depositors after the financial sector clean up, GhanaWeb has gathered.

As at midday today, February 4, vehicles placed on auction were the Toyota Elantra which started at GH¢20,000 but was sold to the highest bidder for GH¢24,000, a Toyota Yaris went for GH¢17,600, a Toyota Echo started at GH¢13,000 but recorded no sale.

A Kia Picanto on the hand, was auctioned at GH¢8,000 but was sold at GH¢19,000 to the highest bidder, amongst others.

As at midday yesterday, February 3, about 12 vehicles had been auctioned by the Receiver.

The five-day auction commenced on Monday, February 3 and will end on Friday, February 7 at the College of Physicians and Surgeons in Accra and monies from the sale of vehicles according to Receiver, Mr. Eric Nipah, will be used to settle depositors locked up funds.

Auctioneers and representatives of the Receiver have indicated that bidders are expected to make a deposit payment of 10 percent in cash from the winning bid price in order to seal the auction.

The receivership process was initiated by the central bank to recover the assets of the banks whose licenses were revoked due to liquidity issues.

Recently, Governor of the central bank, Dr Ernest Addison, disclosed that the Receivers of collapsed banks and financial institutions have so far recovered GH¢1.4 billion cedis representing only 8 percent in assets of depositors locked up funds.

According to him, the recovery progress however, in terms of recouping the funds has rather been slow but says there’s an effort to recover the depositor’s funds which have locked up due to the financial sector clean up.