The Coalition of Aggrieved Prospects of the 50 Collapsed Fund Administration Firms has welcomed the federal government’s directive to the Securities and Change Fee, for a partial bailout to be offered to affected clients of firms that aren’t below official liquidation.
In a press assertion launched on Wednesday, the SEC acknowledged that authorities had approved a partial cost of as much as GHS50,000 to all clients of the remaining 27 collapsed Fund Administration Firms whose monies have been locked up.
Talking to Citi Enterprise Information, Secretary of the Coalition, Joseph Aryeetey, mentioned authorities must go a step additional to simplify the cost course of and in addition make sure that individuals who urgently want more cash are given particular consideration.
“It seems to be like the federal government and the SEC have listened to our issues, but it surely’s coming too late as we’ve misplaced over 360 members on account of this problem. You’ll agree with me that we don’t must proceed in a fashion that may result in us dropping extra lives on account of this. Authorities must assessment its technique to make sure that people who find themselves in actual want will likely be met at their level of want. I feel that’s of a serious concern to us.”
“We’re additionally saying that the method that results in cost as captured within the press launch is simply too laborious. SEC can simplify the method additional, in order that by the tip of November we are able to start receiving funds. And this we imagine is a good deal if certainly they’re honest with the form of help they wish to give clients,” he added.
Prospects to obtain as much as GHS50,000
The SEC in an announcement introduced that authorities had authorised a partial cost of as much as GHS50,000 to all clients of the remaining defunct Fund Administration Firms whose monies have been locked up.
This follows an earlier directive by authorities to pay clients whose claims have been validated.
A press release issued by the Securities and Change Fee on Wednesday, November 18, 2020, mentioned the shoppers will likely be paid whereas the courtroom 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 affect of the COVID-19 pandemic,” the assertion mentioned.
“The Securities and Change Fee (SEC), appearing inside its mandate of defending traders and the integrity of the market, needs to announce the result of its deliberations with Authorities concerning an agreed social and humanitarian intervention for all remaining clients of the failed Fund Administration Firms.”