 AN EFFECTIVE INSTRUMENT |
As a public establishment with a capital of 500,000,000 FCFA, the Cameroon Debt Recovery Company (S.R.C) has confirmed its place as the operational instrument of political restructuring in Cameroon’s banking sector.
| ACHIEVEMENT |
Since its creation in 1989, the SRC has proven its validity and effectiveness as a true catalyst for economic resuscitation for its clients in Cameroon, which include the public financial treasury, public organisations and semi-public corporations with financial difficulties.
 MISSION STATEMENT
DEBT RECOVERY
The debt recovery programme of liquidation and portfolios carried out by the SRC takes into account the receipt of claims from debtors as well as the rents and the transfer of assets. The debt recovery may be:
In hard currency
In titles
Through sale by auction or payment in kind
The debt recovery carried out in the fiscal year 1999/2000 amounted to the global sum of 5,849 billion FCFA. It can be classified as follows:
Cash 3.033 billion FCFA
Titles 2.642 billion FCFA
Sale by auction 0.174 billion FCFA
A - RECOVERED DEBT IN HARD CURRENCY
The total amount of recovered debt in hard currency comes to 3.033 billion FCFA and can be sub-divided as follows:
Debt recovery
Rent recovery
Transfer of fixed assets
B – RECOVERED DEBT IN TITLES
The total amount of recovered debt in titles comes to 2.642 billion FCFA
C- SALE BY AUCTION
During the fiscal year 1999/2000, the S.R.C received profits from auctions on behalf of the BCD-LIQUIDATION
D – REAL ESTATE
By June 2000, the real estate managed by S.R.C included 144 buildings of which 121 were developed and 23 were undeveloped sites.
The developed sites can be sub-divided into 2 groups:
114 rented out to individuals and corporations
7 occupied by Public Service Organisations
It must be stressed that the buildings occupied by the public services disburse no rents and are not subject to transfers or leasebacks. |
E- PUBLIC TRANSFERS/LEASE BACKS
During the fiscal year 1999/2000, the SOGEREL building owned by PARISBAS-L under land title N° 3977 of Mfoundi, was put up for sale at the price of 19.898.855 FCFA.
CONCLUSION ON DEBT RECOVERY
Of the amount to be recovered during the fiscal year 1999/2000, 99.37% was successfully recovered; a part of it came as a result of the liquidation of BMC and the remaining through other liquidations and by proxy.
INDEMNITY AND COMPENSATION
The S.R.C has compensated a certain number of banks creditors in liquidation. In 1999/2000 this compensation faced a decrease of 35.10% in relative value.
 PERSONNEL MANAGEMENT
By June 2000, the SRC employed 97 workers and a technical advisor remunerated by the World Bank. The staff can be classified as follows:
26 managers
35 supervisors
37 office workers
STAFF MOVEMENT
FUTURE PLAN
Confident of its position in Cameroon’s business community and of a firm support from the government, the S.R.C is there to reinforce and to intensify its presence in the recovery sector in order to be an active player in the consolidation of Cameroonian economic reprisal.
S.R.C
Headquarters: Yaounde PO BOX 11991
Tel (237) 22 09 11 – Fax (237) 23 38 33
Agency: Douala POBOX 104
Tel (237) 42 18 46 – Fax (237) 43 17 79
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