Registrar-General begins payment to investors of defunct Fund management companies

Business News of Saturday, 10 October 2020

Source: Starr FM

2020-10-10

Registrar-General, Jemima OwareRegistrar-General, Jemima Oware

The Registrar-General, the Official Liquidator of Fund Management Companies, has commenced payment to investors of defunct Fund Management Companies, whose licenses were revoked by the Securities and Exchange Commission (SEC).

A statement by the Registrar-General on Friday, October 9, revealed that payment for the first batch of investors commenced on Wednesday, October 7, 2020.

The payments are under the Government of Ghana bailout package for customers of liquidated Fund Management Companies who choose to accept the Bailout package.

The payment follows the successful validation of claims and the completion of creditor meetings with the Registrar-General – with investors of the first 20 Fund Management Companies.

The statement added that the bailout program is being implemented via a special purpose entity, the Amalgamated Mutual Fund Plc (The AM Fund) established and managed by GCB Capital Limited.

All 170 investors who had submitted Redemption requests by start of business on Wednesday October 7, 2020 constitute the 1st batch of beneficiaries of the bailout program.

The establishment of the Fund paves way for claims of over 2,850 investors amounting to GH¢563.65 million to be accessed.

These investors were clients of the 20 Fund Management Companies for which Liquidation Orders have been obtained and gazetted by the Official Liquidator, and whose claims were also validated by PWC, External Auditors of the Official Liquidator.

According to the statement, all investors who have gone through validation and have received their unique Claim I.D.’s to go to bailout app.rgd.gov.gh to go through the account set up process since the application on their website www.rgd.gov.gh is also down as a result of a temporary technical challenge at National Information Technology Authority (NITA).

The statement concluded that the Liquidation process for the other Fund Management Companies whose licences were revoked would be continued by the Official Liquidator as long as the Court grants the Winding up Orders and the claims of the Creditors are validated.

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