The Securities and Exchange Commission has issued a warning to the general public and investors to ensure that their claims and supporting documentation are submitted to publicly announced and designated persons to access locked up funds in “pursuant to section 208(c) of the Securities Industry Act 2016 (Act 929)”.
SEC has intimated that an entity, PBAY limited, which is not authorized by the Commission, purports it can facilitate the payment of customers locked-up funds with some SEC-regulated market operators whose licenses have been revoked, in return for fees or a commission.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”.
The statement issued by SEC advises the general public and investors to rely solely on “statutory notices issued or published by the Official Liquidator or the Securities and Exchange Commission”.
“Anyone who disregards this warning does so at his or her own risk,” SEC added.
Speaking further on the government’s bailout programme, SEC pronounced that “the agreement reached with Government was for the bailout to be effected, only after validation of claims and liquidation orders are secured from the Courts of the Republic of Ghana”.
Detailing the steps taken to ensure that affected investors access their locked-up funds, the Commission stated that the first phase “covers clients of the twenty-three (23) companies currently under official liquidation, based on their validated claims”. Currently, this phase has started, SEC mentioned.
Next, after is the second phase, which will “cover clients of the remaining companies after the liquidation orders are secured, through a transparent court process”.
The court process is currently ongoing so, there is no need to “contract financial advisors or facilitators to expedite anyone’s legitimate claims,” SEC added.
The Commission also cautioned the general public and investors to note that no facilitation fee, is required of investors who sign up for the Government Bailout package.
SEC finally opined that “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”.
“The Securities and Exchange Commission (hereinafter referred to as the “SEC”) is the statutory body mandated by the Securities Industry Act 2016 (Act 929) to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected”.
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