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”.

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

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 20^th December, 2021 to 30^th 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.