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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Coronation Insurance launches marine insurance e-portal for importers

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

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    Appolonia City unveils its first commercial building; Adumuah Place

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Coronation Insurance launches marine insurance e-portal for importers

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Coronation Insurance launches marine insurance e-portal for importers

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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    African countries that could follow Sri Lanka into economic chaos

    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

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Retrieve our locked-up funds – Customers of TTL Capital to SEC

byNerteley Nettey
June 9, 2021
in Banking And Finance, Local Economy, News, Top Stories
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Over twenty-four thousand investors of the First Fund Investors Association have issued a two- week ultimatum to new fund managers, TTL Capital, to pay their locked-up funds of about GHS170 million or face their wrath.

According to them, they have not been paid for the past 2 years.

Addressing the media during a press conference, the spokesperson for the First Fund Investors Association, Michael Kwablah called on the Securities and Exchange Commission, SEC, to as a matter of urgency intervene and retrieve their funds.

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“We were given to a new fund manager TTL in January 2020 and they have been lethargic ever since. We don’t actually see any improvement. We held a meeting in September 2020 where we passed an ordinary resolution, withholding redemptions and giving them up to 6 months to operationalize the fund. So, we had a message from them that the meeting will be held on April 28th for them to start the process. On April 26th they sent us a message stating that the meeting has been cancelled.

We feel that they don’t take us serious. So, this is the first step to recover our monies. We are giving the board two weeks to call a meeting, operationalize the fund, give us about 60 percent of our investment, and provide us with a plan on how to get the other 40 percent. We are also urging the SEC to intervene and retrieve our funds,” he said.

He further noted that have written to the Board of Directors through the Fund Manager, but they were unsuccessful.

“We need information on the status of the Fund including the performance of the fund and status of reconciliation which we understand has been ongoing since March 2020. Till date neither management nor the board had communicated the date for the next meeting nor the reasons for previous meeting postponements.,” he added.

It will be recalled that the Securities and Exchanges Commission (SEC) in November 2019, revoked the licenses of 53 fund management companies due to various breaches including the non-payment of clients’ funds totalling GHS8 Billion.

In its quest to rectify the situation and to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected, the Securities and Exchange Commission (SEC) last year, published a list of 13 Collective Investment Schemes comprising 11 Mutual Funds and two Unit Trusts to appoint new fund managers by their respective boards following the revocation of their licenses.

Per the SEC update, directors of six Mutual Funds including FirstFund, then operated by First Banc Financial Services, announced TTL Capital as new managers for the defunct First Fund Limited.

 

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