Will The Clients of Bramer Bank Retrieve Their Money?

Will the clients of the group BAI and BA Investment be returned their money? If so, how will it be done?

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Now that the licence of the Bramer Bank has been revoked, the primary question on the lips of its clients remains unanswered: will they retrieve their money any time soon, or ever? One of the individuals in charge of the group BAI and BA Investment, André Bonieux, believes that the shares of the group will have to be sold to be able to pay back the clients; the procedure to do so will entail the selling of the shares, converting them into cash, and then make the payment to the Policy holders on a pro-rata basis.

If this were to be done, the subsidiary groups of the BAI like Iframac, Courts and Apollo Bramwell, will have to be liquidated to whichever other group willing to pay the highest. This would bring about even more changes: for instance, Iframac which represents brands like Dodge, Jeep and Mercedes, had merged with Courts, and they would therefore have to be separated.

The fate of Apollo Bramwell hospital would also constitute a sensitive issue, specially that the hospital is known to provide quality service.

As such, the Director advisor of PriceWaterHouse Coopers (PWH) will have to make a review of the real-estate property of the group. This would bring Rs 5 billion if sold on the international market.

On another note, the 135 283 clients who have subscribed to insurance policies under a “Regular Payment Policy” will be guaranteed by the government.

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