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    World Trade Centre Accra Accra announces partnership with Altkom Akademia to offer professional education in Africa

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    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

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    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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    World Trade Centre Accra Accra announces partnership with Altkom Akademia to offer professional education in Africa

    Ghana has the 4th cheapest average cost of internet in Africa – Statista

    Africa’s internet economy to cross $180 billion by 2025: Report

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

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    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Aggrieved Fund management customers defy SEC warning; engage PBAY for refund

byBobbie Osei
November 5, 2020
in Banking And Finance, Top Stories
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The Securities and Exchange Commission, SEC, says it will continue to work with law enforcement agencies to protect investors from fraudulent companies like PBAY Limited.

In a recent release, the Commission cautioned the general public against engaging PBAY Limited, an entity which claims it can facilitate the payment of locked-up funds of customers of defunct fund management companies at a fee or commission.

In an interview with Citi Business News, the Director-General of the Securities and Exchange Commission, Reverend Daniel Ogbarmey Tetteh, stated that its partnership with law enforcement agencies will continue as it seeks to ensure the securities market is cleared of unsavory characters and institutions.

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“What I’ll say is that we have a working relationship with law enforcement agencies. So as and when we pick up signals of some entities engaging in activities that are inimical or illegal that threaten unsuspecting investors, what we do is to formally report to these other law enforcement agencies and then they take it from there.”

But speaking on the recent caution note from the SEC, the Secretary of the Coalition for the aggrieved customers of the 53 collapsed fund management companies, Joseph Aryeetey, admitted that members of the coalition were actually engaging PBAY limited and are hopeful the company which claims to have connections in government will help them retrieve their locked up funds at a fee of 2 percent.

“Actually, the management of PBAY approached us; some of the customers. And you know PBAY is supposed to be a debt collecting company so they actually gave us a proposal which indicated that they can assist the customers in general. What they want to do for us is that, they will charge us a fee to also defray their cost in terms of going through the process. According to them the fee is going to be 2% of your total money that you will retrieve at the end of the day. Our lawyers are currently engaging the lawyers of PBAY to really make sure that we tidy up all the loose ends at the end of the day.”

“Frankly speaking, we are also aware of the issue raised by the Securities and Exchange Commission saying that their checks with the Registrar General indicates that PBAY is not duly registered. We have actually informed our lawyers about this. As we speak, PBAY has given us their registration certificate from the Registrar General and from what we see on the papers, it means they are duly registered,” he added.

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Data from a leading provider of market and consumer data, Statista shows that Ghanaians enjoy the 4th cheapest internet data...

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Africa’s internet economy to cross $180 billion by 2025: Report

Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

E-Levy is an overhyped revenue generation measure – Seth Terkper

Leverage crises to improve fortunes of continent – Ofosu-Dorte

African Finance Ministers tasked to allocate more resources into education sector

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