Benin's Government Seizes Cars, Buildings and Money From Executives of ICC

Benin authorities said they have seized 30 vehicles, 200 buildings and 6 billion CFA francs ($11.7 million) from the managers of ICC Services, which failed to repay its depositors.

The assets were taken from the company’s director general, Emile Tegbenou, and other executives, Justin Gbenanmeto, president of the commission investigating the financial services company, told reporters in Cotonou, the commercial capital, today.

The seized assets add to the 6 billion CFA francs found in ICC accounts when it was taken over by the state. Benin will start reimbursing 150,000 depositors in the company in October, Finance Minister Idriss Daouda said on July 19. ICC’s customers lost about 100 billion CFA francs.

To contact the reporter on this story: Serge-David Zoueme in Porto Novo via Johannesburg at 1999 or pmrichardson@bloomberg.net.

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