The Coalition of Aggrieved Fund Management Customers is calling on government to release funds to pay depositors of the 53 collapsed fund management companies with immediate effect.
According to them, the recent lock-down in Accra, Tema and Kumasi, in the wake of the novel Coronavirus in the country, has worsened the living conditions of pensioners and the vulnerable whose funds are locked-up with the 53 collapsed fund management companies.
It will be recalled that the Finance Minister Ken Ofori-Atta, during the presentation of the 2020 financial budget indicated that government has set aside GH¢1.5 billion to provide relief to customers of the collapsed 53 fund management companies.
A statement issued and signed by the group’s Secretary, Joseph Aryeetey, stated that, “It is interesting to note how the recent lock-down in Accra and Kumasi has worsened and aggravated the already deplorable living condition of pensioners (aged) and the vulnerable in our society whose funds are locked-up with the 53 collapsed fund management companies. Our health and living conditions have been deteriorating daily to the point of death due to our inability to access our funds to meet our basic critical essentials such as medicine and food.”
“We, thereby, petition His Excellency the president of this republic, Nana Addo Dankwa Akuffo Addo, to come to the aid of the thousands of pensioners (aged) and vulnerable customers under the collapsed 53 Fund Management companies who are currently suffering. Unlike our counterparts in the Savings and Loans & Microfinance sector who have either received part or all of their funds, we are by this petition pleading with government to release our funds for us in these times,” it added.
Following the outbreak of the novel Coronavirus pandemic in the country, many businesses and individuals have been massively affected. Currently, the country has recorded 566 confirmed cases, 8 deaths and 3 recoveries.
Among other demands the group is also asking government “to extend the recently announced relieve package amidst the fight of COVID-19 which sought to provide support to the vulnerable in our society to the customers of the 53 collapsed fund management companies, especially the pensioners, the homeless, the physically challenged, widows and persons with underlying health conditions.”
They further asked government to create an emergency fund to settle customers of the 53 defunct fund management companies, ‘since the COVID-19 is now worsening the already deplorable condition of pensioners and the vulnerable.’
Customers of defunct fund managers will be paid after verification – SEC assures
In March this year, the Deputy Director-General of the Securities and Exchange Commission, SEC, Paul Ababio, told Citi Business News investors of the collapsed fund management companies would soon have access to their funds when their claims are successfully validated.
In an interview with Citi Business News, Mr. Ababio assured 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.”