SIC Financial Services Ltd (SIC-FSL) is currently grappling with legacy debts amounting to approximately GHS 615.7 million, a financial burden that includes GHS 67.7 million in operational debts and GHS 548 million owed to clients.

The company’s new Management and Board of Directors have initiated a comprehensive recovery and restructuring strategy aimed at stabilising operations and restoring stakeholder confidence.

As part of these efforts, SIC-FSL is pursuing potential support through government intervention—either by way of a bailout package or a Public-Private Partnership (PPP) arrangement—while simultaneously intensifying debt recovery actions against defaulting clients.

To strengthen this process, the company has formally engaged Supreme Credit Management, a licensed debt recovery firm, to pursue recoveries from key debtors whose loans have remained outstanding for several years.

According to internal documents, the list of major debtors includes:

Huge Star Co. Ltd — Loan issued in March 2014; Current balance (with interest): GHS 2.1 million

Legacy General & Construction Ltd — Loans issued in April and May 2014; Current balance: GHS 20.5 million

Jakfradu’s Construction Works — Loan issued in December 2017; Current balance: GHS 665,400

Intellect Group — Loan issued in March 2015; Current balance: GHS 393,800

Marakaf — Loan issued in January 2012; Current balance: GHS 2.7 million

Temabas — Loan issued in December 2013; Current balance: GHS 8.3 million

Sungmambo — Loan issued in June 2018; Current balance: GHS 702,800

Management says the recovery initiative forms part of a broader turnaround strategy designed to improve liquidity, protect investor funds, and strengthen governance structures within the company.

The company remains optimistic that a combination of aggressive debt recovery, operational reforms, and possible state or private-sector support will place SIC Financial Services on a path to long-term sustainability.