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    AGI Advocates for Innovative Policies to Support SMEs

    Prices of Domestic Petroleum Products Set to Rise in October – IES

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    IMF hopeful Ghana will soon reach agreement with Official Credit Committee

    Fuel prices to remain fairly stable at the pumps – COPEC

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    AGI Advocates for Innovative Policies to Support SMEs

    Prices of Domestic Petroleum Products Set to Rise in October – IES

    FBNBank Ghana launches Akye promotion

    Transport owners and the missing NPA: who assured Sentuo to import BRVs?

    BOST clarifies amount paid for iPhones bought for company executives

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    Thousands to participate in 2023 #CitiBusinessOlympics today

    Vodafone Ghana’s commitment to SMEs shines at Business Runway 2023

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    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

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    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

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Don’t pay facilitation fees to access locked-up cash – SEC to clients

bycitibusinessnews
November 3, 2020
in Banking And Finance, Top Stories
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The Securities Exchange Commission (SEC) has advised customers of the defunct fund management companies to refrain from paying a facilitation fee to get access to their locked-up cash.

An entity, PBAY Limited is purporting to be able to facilitate the payment of customers locked-up funds with some SEC-regulated market operators whose licenses have been revoked in return for a fee or a commission.

SEC in a statement disclosed that the action of PBAY Limited is fraudulent as it had not been registered by the Registrar-General’s Department.

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“Our investigations have revealed that there is no company duly registered by the Registrar-General’s Department under that name. Furthermore, the general public and investors are to note that neither the SEC nor the Official Liquidator, being the Registrar General, have authorized the actions of PBAY Limited.”

SEC advised investors to submit their claims and documentation to publicly announced designated persons in accordance with statutory notices issued by the official liquidator or the SEC.

“Anyone who disregards this warning does so at his or her own risk,” the statement added.

Depositors of the collapsed institutions were given the green light to, from Wednesday, September 16, 2020, have full access to their funds following the release of a total of GHS3.56 billion to settle the remaining depositor claims of the 347 defunct Microfinance companies, 23 Savings and Loans and Finance Houses.

Click below to read the full statement from the SEC:

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