The office nominated to effect the liquidation of the defunct fund managers has indicated that they are working assiduously to begin payment of affected clients by the end of September.
In a radio interview monitored by Ghana Talks Business on Friday, 9th September 2020, Mrs. Jemima Oware, the Director-General of the Registrar General’s Department, confirmed the process of liquidation and advised that payout should begin before the end of September. She however added that payouts would only be for validated claims.
Government has Agreed
These payments are possible because government has agreed to bail out the clients by paying out VALIDATED claims ahead of the full liquidation exercise, which could take a much longer time, she said.
Also in the interview was the Director-General of the Securities and Exchange Commission (SEC), Rev. Dr. Ogbarmey Tetteh who cited the reason for the seeming delays of payouts on the rather time-consuming processes within the activity. He advised that they have so far received liquidation orders for 20 fund managers. The clients of these companies would have their claims validated and paid out.
He also enumerated the difficulties SEC encountered in dealing with some of the firms which have caused delays. In an instance, he intimated the difficulties in getting the servers of Blackshield (formerly Goldcoast), that could serve as a source for clients’ data. Firstbanc has, as of now, still not cooperated with the SEC in terms of releasing their data for validation.
Dr. Ogbamey-Tetteh, also updated the public on some post-revocation events that would also impact the payouts. He particularly noted some three companies who challenged their licence-revocation and had since succeeded in securing their reinstatement of their licences. These are Monarch Capital, Integrity Capital and Legacy Capital. Their clients would therefore be excluded from the payouts. They are therefore left with 50 fund managers to work with.