• About
  • Advertise
  • Privacy Policy
  • Contact
Saturday, September 20, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

SEC Outlines Two-tiered System of Paying Locked-up Funds

October 8, 2021
Stephen M.Cby Stephen M.C
in Finance
0
SEC Outlines Two-tiered System of Paying Locked-up Funds

Securities and Exchange Commission, Ghana

Mrs. Deborah Mawusi Agyemfra, the Deputy Director-General in charge of the Legal department at the Securities and Exchange Commission (SEC), has disclosed that SEC plans to pay locked-up funds in a two-tiered system to institutions and affected individuals.

These institutions include financial institutions (FI), welfare institutions, credit unions, associations, and other organizations whose funds were affected.

As explained by the Deputy Director-General, “institutions whose funds were locked-up in the financial sector clean-up exercise would receive 50 per cent of their validated claims in Tier one”.

RelatedPosts

Global Banking Titans Descend on Accra to Shape Ghana’s Road to Economic Transformation

Banks Begin Deducting 5% on Dollar Withdrawals – Here’s Who Will Suffer Most

SIC-FSL MD Slashes Salary by 20% to Restore Stability 

However, all schools, faith-based organisations and hospitals will also get all their validated claims in Tier one, she unveiled.

All other claimants, Mrs. Agyemfra disclosed, would receive 20 per cent of their validated claims in Tier one while the remaining balance would be credited to Tier two, of which 20 per cent would be paid on anniversary dates for five (5) years.

According to Mrs Agyemfra, “initial plans were to pay companies whose licenses were revoked by the SEC under the bailout package plan”.

However, the President, His Excellency Nana Akufo-Addo has assured companies without the court order to expect payment up to at least GH¢50,000.00, she disclosed.

Mrs. Mawusi Agyemfra revealed that “individuals below the age of 60 years would get up to GHc 70,000 of their validated claims in Tier one”. Whereas pensioners aged 60 and over shall receive all their validated claims in Tier one.

“So far, 64,000 customers have benefited from the GH¢50,000.00 [package], with only 11,000 customers standing by for the court order to get paid.”

Mrs. Mawusi Agyemfra
investments
Investments

Some affected institutions

The Deputy Director-General, while touching on the concerns of customers of Gold Coast Fund Management, stated that “there would be a publication of order by the registrar of companies, virtual creditor meetings by the registrar of companies, followed by virtual class meetings by the registrar of companies before payment would be done”.

However, Mrs. Mawusi revealed that, until the Gold Coast Management Fund proves that they can pay the money owed to their clients, as it stands, the Attorney General has a case to hold on with any order for payment.

In the meantime, some aggrieved customers of the defunct gold dealership firm, Menzgold Company Limited have called on stakeholders to help retrieve their funds after the company collapsed in 2018.

Management of the said gold dealer company has promised to pay customers their due which has been in arrears since the last three years.

In a statement released by Menzgold, it states that 80 per cent audit has been completed on claims supporting documents submitted by affected clients.

“About 45 per cent of claimants/transaction supporting documents [received] are either incomplete, fraudulent and inconsistent comparative dates.”

Menzgold Company Ltd.

Meanwhile, Menzgold unveiled that, “we [Menzgold] are commencing the final phase of the audit; this session would be claimants’ interview to fully ascertain the facts and satisfy ourselves with regards to questionable adverse discrepancies and irregularities”.

“Menzgold shall proceed to pay the final publicized list and total sum from the 20th December, 2021 to 30th June, 2022 in our quest to give final closure to this very depressing matter and to restore our dear enviable company’s integrity.”

Menzgold Company Ltd.

READ ALSO: SSNIT Pays GH¢ 234.66 Million to Pensioners in September

Tags: Gold Coast Fund ManagementMenzgold Company LimitedMrs. Deborah Mawusi AgyemfraSecurities and Exchange CommissionTiered payments
Please login to join discussion
Previous Post

FOSDA Calls for Expansion of School Feeding Programme to JHS

Next Post

Popular Pokot dance ‘Kwara Kwara’ in Kenya banned for increasing sexual appetite among youth

[mc4wp_form id="1264"]

Related Posts

GSE Composite Index Surges Past 7,700 Mark, Bulls Maintain Relentless Momentum
Securities/Markets

GSE Composite Index Surges Past 7,700 Mark, Bulls Maintain Relentless Momentum

September 20, 2025
Ghana Bleeds $100m Annually as Raw Rubber Exports Rob Economy of Jobs & Revenue
Agribusiness

Ghana Bleeds $100m Annually as Raw Rubber Exports Rob Economy of Jobs & Revenue

September 19, 2025
Estonia Summons Russian Diplomat Over Incursion
Europe

Estonia Summons Russian Diplomat Over Incursion

September 19, 2025
Angola Weighs JPMorgan Swap Extension Amid Debt Pressures
Africa

Angola Weighs JPMorgan Swap Extension Amid Debt Pressures

September 19, 2025
Alliance of Sahel States
General News

President Mahama Says ECOWAS Engaged in Dialogue with Sahel States

September 19, 2025
Japanese Woman Weds Younger Man Defying Age Norms
Oddities

Japanese Woman Weds Younger Man Defying Age Norms

September 19, 2025
GSE Composite Index Surges Past 7,700 Mark, Bulls Maintain Relentless Momentum
Securities/Markets

GSE Composite Index Surges Past 7,700 Mark, Bulls Maintain Relentless Momentum

by Stephen M.CSeptember 20, 2025
Ghana Bleeds $100m Annually as Raw Rubber Exports Rob Economy of Jobs & Revenue
Agribusiness

Ghana Bleeds $100m Annually as Raw Rubber Exports Rob Economy of Jobs & Revenue

by Stephen M.CSeptember 19, 2025
Estonia Summons Russian Diplomat Over Incursion
Europe

Estonia Summons Russian Diplomat Over Incursion

by Comfort AmpomaaSeptember 19, 2025
Angola Weighs JPMorgan Swap Extension Amid Debt Pressures
Africa

Angola Weighs JPMorgan Swap Extension Amid Debt Pressures

by Lawrence AnkutseSeptember 19, 2025
Alliance of Sahel States
General News

President Mahama Says ECOWAS Engaged in Dialogue with Sahel States

by Silas Kafui AssemSeptember 19, 2025
Japanese Woman Weds Younger Man Defying Age Norms
Oddities

Japanese Woman Weds Younger Man Defying Age Norms

by Esther Korantemaa OffeiSeptember 19, 2025
GSE Composite Index Surges Past 7,700 Mark, Bulls Maintain Relentless Momentum
Ghana Bleeds $100m Annually as Raw Rubber Exports Rob Economy of Jobs & Revenue
Estonia Summons Russian Diplomat Over Incursion
Angola Weighs JPMorgan Swap Extension Amid Debt Pressures
Alliance of Sahel States
Japanese Woman Weds Younger Man Defying Age Norms
[/vc_row_inner]

Recent News

  • GSE Composite Index Surges Past 7,700 Mark, Bulls Maintain Relentless Momentum
  • Ghana Bleeds $100m Annually as Raw Rubber Exports Rob Economy of Jobs & Revenue
  • Estonia Summons Russian Diplomat Over Incursion
  • Angola Weighs JPMorgan Swap Extension Amid Debt Pressures
  • President Mahama Says ECOWAS Engaged in Dialogue with Sahel States
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.