The Securities and Exchange Commission (SEC), has started payment processes for the Government’s partial bailout package in line with its earlier public notice on the 18th November 2020, pending court process on the liquidation petition and other matters.
This is according to a press release issued by the Securities and Exchange Commission in pursuant to section 208(c) of the Securities Industry Act, 2016 (Act 929).
“Acting within its mandate of protecting investors and the integrity of the securities market,” the Commission has intimated that all clients of the remaining affected Fund Management Companies (FMCs) whose licenses were revoked should be prepared to receive monies due them soon after today which happens to be closure of the class meetings convened by the Registrar General to meet the 8 additional defunct FMCs officially liquidated.
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“The partial cash bailout which involves a payment of up to Fifty Thousand Ghana Cedis (GHS50,000) will cover all clients of the remaining affected Fund Management Companies including customers of Gold Coast Fund Management Limited (now Blackshield Fund Management Company Limited).
“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”.
SEC further asserted 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 outlined as follows:
“Use the claim ID sent by SMS to accept the package…You will receive a text message with your AM Fund account number within a maximum of 5 working days
“Upload your onboarding documents [such as] passport picture, ID document, address document…You will receive a text message within 5 business days that your money has been paid into GCB Bank account number
“Go to a GCB Bank branch with copies of the onboarding documents you uploaded. Your account will be activated, and you can access the cash”.
Also, aggrieved customers 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.
“Clients with validated claims in excess of Fifty Thousand Ghana Cedis (GHS50,000) can also opt to wait for the conclusion of the liquidation processes in court to access the full bailout package,” SEC mentioned.
It should be noted that for the avoidance of doubt, the partial bailout of GHS50,000 would be “paid as cash into the bank accounts that would be opened at GCB Bank for each client. Clients would therefore be able to withdraw cash as soon as their accounts are activated,” SEC cautioned.
The SEC, therefore, appeals 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”.
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