No Result
View All Result
Sunday, December 3, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana Airports Company (GACL) Earns Top Honor as ‘Most Profitable’ State-Owned Enterprise at PELT Awards 2022

    IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring

    IMF, World Bank work to accelerate debt treatment for Ghana, others under G20

    Zambia advises Ghana to have restrictive laws on debt accumulation 

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    2024 budget: Government commits to more expenditure cuts, aggressive growth, jobs

    Customer Service Week: Pan-African Savings and Loans provides medical services to clients

    Former Capital Bank CEO Ato Essien jailed 15 years

    NPA sanctions seven OMCs for illicit fuel distribution

    Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Zenith Bank @ 18 – Celebrating a legacy of financial excellence

    Former Capital Bank CEO Ato Essien jailed 15 years

    IMF clarifies Ghana’s growth rate projection

    NPA sanctions seven OMCs for illicit fuel distribution

    Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry

    IMF awaits Ghana’s agreement with bilateral creditors before releasing next tranche of $3bn bailout

    Development Bank Ghana set to diversify financial offerings by introducing equity fund alongside lending activities.

    Access Bank registers a GH¢0.30 increase in its share price as the local stock exchange witnesses no declines

    Ghana’s 3% economic growth an indication of a resilient economy – IMF Mission Chief

  • TECHNOLOGY

    Ghana loses GHS 49.5 million to cyber fraud in nine months

    Nigeria aims for $5 billion tech investment by 2027

    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    A look into how business in Nigeria has fared since President Tinubu’s election

    The effect of the Israel-Gaza conflict and national census ripples across SA’s economy

    West Africa records growth despite coups and underperformance of its largest economies

    World Bank projects Africa’s economy to slow down to 2.5%

    Billion dollar opioid addiction market fuels Nigeria’s drug crisis

    Nigeria aims for $5 billion tech investment by 2027

    Punitive domestic tariffs threaten African trade

    South Africa adds Ghana to E Visa list

    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana Airports Company (GACL) Earns Top Honor as ‘Most Profitable’ State-Owned Enterprise at PELT Awards 2022

    IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring

    IMF, World Bank work to accelerate debt treatment for Ghana, others under G20

    Zambia advises Ghana to have restrictive laws on debt accumulation 

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    2024 budget: Government commits to more expenditure cuts, aggressive growth, jobs

    Customer Service Week: Pan-African Savings and Loans provides medical services to clients

    Former Capital Bank CEO Ato Essien jailed 15 years

    NPA sanctions seven OMCs for illicit fuel distribution

    Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Zenith Bank @ 18 – Celebrating a legacy of financial excellence

    Former Capital Bank CEO Ato Essien jailed 15 years

    IMF clarifies Ghana’s growth rate projection

    NPA sanctions seven OMCs for illicit fuel distribution

    Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry

    IMF awaits Ghana’s agreement with bilateral creditors before releasing next tranche of $3bn bailout

    Development Bank Ghana set to diversify financial offerings by introducing equity fund alongside lending activities.

    Access Bank registers a GH¢0.30 increase in its share price as the local stock exchange witnesses no declines

    Ghana’s 3% economic growth an indication of a resilient economy – IMF Mission Chief

  • TECHNOLOGY

    Ghana loses GHS 49.5 million to cyber fraud in nine months

    Nigeria aims for $5 billion tech investment by 2027

    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    A look into how business in Nigeria has fared since President Tinubu’s election

    The effect of the Israel-Gaza conflict and national census ripples across SA’s economy

    West Africa records growth despite coups and underperformance of its largest economies

    World Bank projects Africa’s economy to slow down to 2.5%

    Billion dollar opioid addiction market fuels Nigeria’s drug crisis

    Nigeria aims for $5 billion tech investment by 2027

    Punitive domestic tariffs threaten African trade

    South Africa adds Ghana to E Visa list

    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Enough of the validation; pay us our money – Customers of defunct Fund Managers tell SEC

byEbenezer Afanyi Dadzie
March 18, 2020
in Banking And Finance, Top Stories
Rev. Daniel Ogbarmey Tetteh, Director General of SEC.

Rev. Daniel Ogbarmey Tetteh, Director General of SEC.

Share on FacebookShare on TwitterShare on Whatsapp

The Coalition of Aggrieved Customers of Collapsed Fund Management Companies is asking the Securities and Exchange Commission (SEC), to concurrently carry out the proposed validation process of their claims alongside payment of locked up funds.

It was the expectation of the affected customers that they would receive their monies as government started paying customers of the defunct savings and loans and micro finance companies.

But the SEC says they would have to wait a little longer due to some significant discrepancies detected between the value of claims filed by investors, and the records of the defunct fund management firms.

ADVERTISEMENT

Speaking to Citi Business News however, Joseph Ayitey, Secretary for the Coalition, said the regulator’s position at this time is unfortunate.

“It is very unfortunate that we are receiving this news after we have waited for almost two years for our funds, since 2018 that this whole crisis started. It is just a matter of the regulator stating that after reviewing the list that is with us, this is not the amount we are owing, but rather we are owing you this amount. The point is that, if now you are saying that you are going to validate, what kind of validation are you going to do? But in any case, it could also be that per the records that we are also holding, our figure is the true reflection of what is on the ground. So, it is a matter of commencing payment. If they start the payment and there is any variance to deal with, individual customers will look at the situation and deal with the variance,” he said.

Aggrieved customers

Members of the Coalition of Aggrieved Customers of the defunct 53 Fund Management Companies earlier this month called on government to commence payment of their locked up funds before March 24, 2020.

According to the group, the government has sidelined customers of the collapsed fund management companies in the payment of depositors monies following the financial sector clean-up.

But the Deputy Director-General of the Securities and Exchange Commission, SEC, Paul Ababio, assured the investors that they would soon have access to their funds when their claims are successfully validated.

He explained that a process to validate the claims submitted by investors is ongoing and when completed, payments will commence.

“We received claims; we gave up to January. What we have to go through now is the validation process. Along with that is also ascertaining the value of the claims to ensure that the claims that are reflected in the firms’ books are as we have received as well. And coming out of that, we are also in touch with the government obviously about the allocation of resources to ensure that the right sums are available, obviously to pay.”

Related Posts

Top Stories

IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring

bycitibusinessnews

The Director of the African Department at the International Monetary Fund (IMF), Abebe Aemro Selassie, has confirmed that Ghana has...

Read more

IMF, World Bank work to accelerate debt treatment for Ghana, others under G20

Zambia advises Ghana to have restrictive laws on debt accumulation 

Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

2024 budget: Government commits to more expenditure cuts, aggressive growth, jobs

Former Capital Bank CEO Ato Essien jailed 15 years

NPA sanctions seven OMCs for illicit fuel distribution

Gold Coast Fund Management Company customers begin day 2 of protest at Finance Ministry

Next Post

COVID-19 impact: Gov’t to rely on IMF, World Bank & Stabilization Fund to close revenue gap

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.