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Customers of defunct Fund Management Companies will be paid in cash, bond - Registrar General

By Justice Kofi Bimpeh
Mrs Jemima Oware
Mrs Jemima Oware
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Registrar General says customers of defunct Fund Management Companies under liquidation will be paid in cash and bond.

The Official liquidator, Mrs Jemima Oware in her first virtual meeting with creditors said the first batch of customers will be paid from the end of this month.

She has also announced a one-week extension for the validation period for persons who encountered difficulty with the process. 

The Securities and Exchange Commission, SEC has also assured clients of defunct Fund Management Companies that no group of customers will be excluded from the government's bailout package.

SEC in a statement said “We wish to assure all affected clients that the Government bailout package is all-inclusive, provided claims have been validated and liquidation orders secured. The SEC reiterates the fact that there is no plan to exclude any group of customers and as indicated in our last press release, the roll-out of the Government bailout will be done in phases."

READ ALSO : Paying clients of 22 defunct Fund Management Companies insignificant - Aggrieved customers to gov't

“The first phase will cover clients of the twenty-two (22) companies currently under official liquidation per Court orders, based on their validated claims. The Official Liquidator will communicate details of the payment process to affected clients starting in September. The second phase would cover clients of the remaining companies after the liquidation orders are secured”.

“The point being made therefore is that receiving Government’s bailout is predicated on completion of validation and securing of liquidation orders. It is, therefore, a question of timing and nothing else,” SEC explained.

This was after its earlier statement suggested that customers of Blackshield Capital Management Limited and three other fund management firms would not benefit from the package because such companies were challenging the revocation of their licences in court.