The secretary of the coalition of distressed customers of the collapsed Fund Management Companies, Joseph Aryeetey has acknowledged that customers continue to engage PBAY Limited to assist them in accessing their locked-up funds with some market operators whose licenses have been revoked, in return for a fee of 2 percent of total monies retrieved amid the public warning issued by the Securities and Exchange Commission (SEC).
Joseph Aryeetey made this statement when speaking on the caution notice issued by the Securities and Exchange Commission earlier this week.
“The management of PBAY approached us; some of the customers. And you know PBAY is supposed to be a debt collecting company so they actually gave us a proposal which indicated that they can assist the customers in general. What they want to do for us is that they will charge us a fee to also defray their cost in terms of going through the process. According to them, the fee is going to be 2% of your total money that you will retrieve at the end of the day. Our lawyers are currently engaging the lawyers of PBAY to really make sure that we tidy up all the loose ends at the end of the day.”
Joseph Aryee further admitted that “we are also aware of the issue raised by the Securities and Exchange Commission saying that their checks with the Registrar General indicate that PBAY is not duly registered”.
“We have actually informed our lawyers about this. As we speak, PBAY has given us their registration certificate from the Registrar General, and from what we see on the papers, it means they are duly registered,” he added.
However, the Securities and Exchange Commission holds that it is fully committed to ensuring the protection of investors from unauthorized and fraudulent companies like PBAY Limited.
To realize this goal, we will continue to work with law enforcement agencies to protect, SEC added.
The Director-General of the Securities and Exchange Commission, Reverend Daniel Ogbarmey Tetteh, speaking in an interview, affirms that the Commission has started partnering law enforcement agencies. This is to ward off the securities markets from unwelcome personalities and organisations that pose a threat to investors and the general public at large.
SECs Public Warning Notice.
A public release by SEC has cautioned that PBAY limited is not authorized by the Commission to facilitate the payment of customers locked-up funds with some SEC-regulated market operators whose licenses were revoked, in return for fees or a commission.
“Our investigations have revealed that there is no company duly registered by the Registrar-General’s Department under that name. Furthermore, the general public and investors are to note that neither the SEC nor the Official Liquidator, being the Registrar General, have authorized the actions of PBAY Limited”.
“Anyone who disregards this warning does so at his or her own risk,” SEC added.
“The public and affected investors shall be proactively updated on the progress of the process through the appropriate channels, including media and the website of the Commission. Requests for information relating to the bailout can be made by calling the dedicated bailout call center number on 0242-439453 or visiting www.bailout.rgd.gov.gh for updates on the bailout situation”.
“Please note that this public interest warning is issued pursuant to section 208(c) of the Securities Industry Act 2016 (Act 929)”.
