SEC rollout payment to defunct Fund Management Companies

The Securities and Exchange Commission (SEC) is reassuring affected clients of the defunct Fund Management Companies whose licenses were revoked that payment processes for the Government partial bailout have begun in line with its earlier public notice on the 18th November 2020.

The customers include those of Gold Coast Fund Management Limited (now Blackshield Fund Management Company Limited).

The partial cash bailout which involves a payment of up to GHS50,000 will cover all clients.

A statement issued by SEC stated that, “In the end, the partial bailout being offered would result in 89% of individuals and 82% of pensioners being fully covered. Validated claims in excess of this partial cash payout amount shall be covered after the liquidation proceedings in Court, in line with the terms being applied under the bailout package for the clients of the Fund Management Companies currently undergoing liquidation proceedings.”

It also stated that a large number of affected clients have been sent SMS messages containing the value of their validated claims with outstanding customers to be covered shortly.

“The SEC wishes to inform the investing public that a large number of affected clients have been sent SMS messages containing the value of their validated claims with outstanding customers to be covered shortly. Interested claimants must now follow three simple steps (reduced from six steps) outlined in Appendix 1 to access the partial bailout in cash,” the statement added.

It further noted that, “the over ten thousand clients who have already completed step one will be contacted shortly to complete the last two steps to access their payment of up to Fifty Thousand Ghana Cedis (GHS50,000) conveniently.”

However, clients with validated claims in excess of GHS50,000 can also opt to wait for the conclusion of the liquidation processes in court to access the full bailout package.

Meanwhile, SEC is appealing to all affected clients who opt for the partial bailout package to patiently follow through with all the processes and rely only on information provided by the SEC on the process.

“Clients who are yet to receive their Claim IDs are advised not to panic as the SMS is being dispatched in batches. The Government is committed to following through with its bailout package for all validated claims,” it added.