Gov’t authorises partial payment to remaining customers of collapsed Fund Management Companies

Customers of the remaining collapsed Fund Management Companies to receive partial payment. Government has ordered a partial payment of GHS 50,000.

This comes as a result of a directive by the government to pay customers whose claims have been validated.

In a statement issued by the Securities and Exchange Commission (SEC), customers will be  partiallypaid. Meanwhile, the court will process the liquidation petition and other relating matters.

Government is committed to protecting its citizens and showing concern to the suffering of affected customers. The decision to make this partial payment is because of these reasons.

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Below is the full statement

FOR IMMEDIATE RELEASE

THE SECURITIES AND EXCHANGE COMMISSION PRESS RELEASE
SEC/PR/003/11/2020
GOVERNMENT AUTHORIZES PARTIAL BAILOUT FOR ALL REMAINING CUSTOMERS
OF REVOKED FUND MANAGEMENT COMPANIES PENDING THE OUTCOME OF
LIQUIDATION PETITIONS

The Securities and Exchange Commission (SEC), acting within its mandate of protecting investors and the integrity of the market, wishes to announce the outcome of its deliberations with Government regarding an agreed social and humanitarian intervention for all remaining customers of the failed Fund Management Companies.

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The Commission for this reason, announces that Government has decide to authorized a partial bailout which involves a partial payment of up to Fifty Thousand Ghana Cedis (GHS50,000) to all

customers of the remaining affected Fund Management Companies. while the court process
on the liquidation petition and other matters continue.

Furthermore, this intervention has become necessary at this stage because liquidation petitions for the remaining affected Fund Management Companies are currently at different stages. In addition, some affected Fund Management Companies like Gold Coast Fund Management Limited (now Blackshield Fund Management Company Limited) are contesting the liquidation petition. as a result, have filed a Stay of Proceedings until its application for judicial review of the decision of the Administrative Hearings Committee has been heard.

 

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