Customers of the failed fund management companies in response to the governments’ directive of a partial bailout have said that the government must take steps to simplify the arduous payment processes involved in accessing the funds to be disbursed.
The Secretary of the Coalition of Aggrieved Customers, Joseph Aryeetey, made these comments in an interview when speaking on behalf of the customers of the defunct Fund Management firms in respect of a press release by the Securities and Exchange Commission (SEC).
In the press release, SEC said the government has authorized a partial bailout involving a partial payment of an amount of Fifty Thousand Ghana Cedis (GHS50,000) to all aggrieved customers of the remaining failed Fund Management Companies whose monies were locked up, pending court process on the liquidation petition and other matters.
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Joseph Aryeetey further asserted that “It looks like the government and the SEC have listened to our concerns, but it’s coming too late as we have lost over 360 members due to this issue. You will agree with me that we don’t need to continue in a manner that will lead to us losing more lives as a result of this”.
According to the government, this decision to make partial payment is in light of aggravating the pain and suffering of the affected investors, therefore they must make sure special attention is given to vulnerable persons who may urgently need more money to alleviate their plight, the Secretary of the Coalition opined.
“Government needs to review its strategy to ensure that people who are in real need will be met at their point of need. I think that is of a major concern to us”
Finally, Joseph Aryeetey went on to say that “the process that leads to payment as captured in the press release is too laborious. SEC can simplify the process further, so that by the end of November we can begin receiving payments”.
“And this we believe is a fair deal if indeed they are sincere with the kind of support, they want to give customers,” he added.
Highlighting the means by which customers of defunct fund management companies can access their funds, SEC, acting within its mandate of protecting investors and the integrity of the market cautions aggrieved customers that the partial bailout shall be channeled through the Amalgamated Fund Ghana Limited, the same Special Purpose Vehicle (SPV) being used to pay the clients of the Fund Management Companies currently under official liquidation.
“Amalgamated Fund Ghana Limited is managed by GCB Capital Limited, a subsidiary of GCB Bank Limited. The SEC’s agent for receiving and validating claims is PwC”.
