The Managing Director of SIC Financial Services Ltd. (SIC-FSL), Dr. Sa-ad Iddrisu, has appealed to the company’s legacy clients to remain patient as management engages shareholders and the Government to resolve the firm’s longstanding locked-up funds crisis.
In a public statement issued on Monday, Dr. Iddrisu said the current management remains committed to finding a “practical and sustainable resolution” to the challenges inherited from previous administrations.
“I want to publicly appeal to all our legacy clients to remain patient while the new management continues to engage the shareholders and the Government in pursuit of a practical and sustainable resolution to the inherited or legacy crisis,” he said.
He expressed optimism that affected depositors and investors would eventually recover their locked-up funds.
The appeal comes amid heightened tensions between the company and some affected clients. Dr. Iddrisu alleged that on June 17, 2026, two police officers and two High Court bailiffs entered the company’s head office, where an incident allegedly escalated to the point that one police officer threatened to shoot him and some members of staff.
According to him, the situation was eventually defused after the intervention of military personnel dispatched by a cabinet minister.
He further claimed that the June incident was not the first confrontation involving aggrieved clients since he assumed office in August 2025, stating that management had previously faced protests by clients demanding access to their investments.
“Violence is not the solution,” Dr. Iddrisu said, urging affected clients to exercise restraint while management works toward resolving the crisis.
The managing director said SIC-FSL is simultaneously pursuing an aggressive debt recovery programme aimed at strengthening the company’s financial position.
According to him, the company has engaged lawyers and recovery agents to recover more than GH¢500 million owed by debtors through court processes, asset tracing and other recovery measures.
“These debts constitute over 90 percent of our non-performing loan portfolio and date back between eight and fifteen years,” he said, acknowledging that the recovery process has been slow but remains ongoing.
Dr. Iddrisu reiterated management’s commitment to working with shareholders and the Government to secure a lasting solution to the legacy financial challenges facing the company and restore confidence among affected clients.
Source: www.kumasimail.com
