Authorities has authorised a partial cost of as much as GHS50,000 to all prospects of the remaining defunct Fund Administration Corporations whose monies had been locked up.
This follows an earlier directive by authorities to pay prospects whose claims had been validated.
An announcement issued by the Securities and Change Fee (SEC) on Wednesday, November 18, 2020, mentioned the shoppers will likely be paid whereas the court docket course of on the liquidation petition and different issues proceed.
“The choice to make this partial cost is based on Authorities’s dedication to guard its citizenry and its sensitivity to the plight of affected shoppers compounded by the disruptive influence of the Covid-19 pandemic,” the assertion mentioned.
“The Securities and Change Fee (SEC), performing inside its mandate of defending buyers and the integrity of the market, needs to announce the end result of its deliberations with Authorities relating to an agreed social and humanitarian intervention for all remaining prospects of the failed Fund Administration Corporations.”
The Fee hereby proclaims that Authorities has approved a partial bailout which includes a partial cost of as much as Fifty Thousand Ghana Cedis (GHS50,000) to all prospects of the remaining affected Fund Administration Corporations whereas the court docket course of on the liquidation petition and different issues proceed,” the assertion added.
In the meantime, it clarified that “they’ll obtain their balances after court docket processes are concluded.”
Nobody will likely be overlooked in bailout for shoppers of defunct fund managers
The Fee had earlier assured prospects that nobody will likely be excluded from the federal government’s bailout bundle.
“We want to guarantee all affected shoppers that the Authorities bailout bundle is all-inclusive, supplied claims have been validated and liquidation orders secured. The SEC reiterates the truth that there is no such thing as a plan to exclude any group of consumers and as indicated in our final press launch, the roll-out of the Authorities bailout will likely be finished in phases,” SEC mentioned in an announcement.
SEC additionally defined that the settlement it had with Authorities was for the bailout to be effected phases solely after validation of claims and liquidation orders are secured.
Click on right here for the complete assertion: