Tag: 53 defunct fund management companies
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GHS768 million paid to over 6,000 clients of defunct FMCs – SEC
The Securities and Exchange Commission (SEC) has stated that about GHS768 million has been credited to the accounts of some 6,916 clients of the 53 defunct Fund Management Companies, who signed up for the government’s full bailout programme. According to the Commission, actual payments also made under the Partial Bailout Programme as of March 31,…
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Bidding for defunct microfinance, S&L firms’ properties ends on March 26
The Receiver of the collapsed microfinance companies and savings and loans firms, Eric Nana Nipah, is reminding the public of the ongoing bidding process for the acquisition of landed properties of the defunct financial institutions. Interested persons or companies have up to March 26, 2021, to put in their bids for some 24 lands and…
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Government seeks $5.5 billion to settle remaining clients of defunct FMCs
The government is seeking the approval of US$5.5 billion to complete payment of the bailout packages to the remaining customers of defunct fund management companies who are yet to be settled. “Mr. Speaker, for the Securities and Exchange Commission to fully settle investors of the remaining 17 AMCs [asset management companies], an amount of GH¢5.5…
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Registrar General to meet clients of six defunct FMCs virtually on Thursday
The Registrar General, Jemima Oware, is set to have a meeting with customers of some six defunct fund management companies on Thursday, March 11, 2021. The meeting which is the first for this year will be held virtually. Dubbed Virtual First Creditors meeting, the session will be from 9:00 am to 3:30 pm on the…
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Akufo-Addo reiterates commitment to settle clients of FMCs
President Nana Akufo Addo has reiterated his government’s commitment to pay all validated claims of clients of the collapsed Fund Management Companies. Government in September 2020 commenced payment processes for 20 of the fund management companies which had undergone official liquidation. Subsequently, the government in November 2020, also authorized a partial payment of up to…
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Blackshied customers, others to receive partial payment of up to GHS50,000 – SEC
Government has authorised a partial payment of up to GHS50,000 to all customers of the remaining defunct Fund Management Companies whose monies were locked up. This follows an earlier directive by government to pay customers whose claims were validated. A statement issued by the Securities and Exchange Commission (SEC) on Wednesday, November 18, 2020, said…
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Over GHS7m paid to some investors of liquidated fund management firms- GCB Capital
Management of GCB Capital Limited has stated that about GHS 7.77 million has been credited to the accounts of some two hundred investors of the 20 defunct fund management companies that have been cleared by the court for their liquidation. This comes days after the official liquidator of the 53 defunct fund management companies, Jemima…
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Registrar General begins payment to investors of collapsed FMCs
The official liquidator of the 53 defunct fund management companies, Jemima Oware, has stated that payment of bailout funds for the first batch of investors of the companies, whose licenses were revoked by the Securities and Exchanges Commission, SEC, has begun. According to her, the payment will be to investors of only 20 of the…
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Increase cash pay-out to fund management companies – GSIA urges Gov’t
The Ghana Securities Industry Association (GSIA) has appealed to government to increase the cash pay-out to existing fund management companies in the country to enable them honour their obligations to their customers. According to GSIA, this will ease the current tensions among stakeholders in the industry. The appeal comes days after the Securities and Exchange…
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Government to announce bailout package for clients of defunct Fund Management Companies
The Securities and Exchange Commission (SEC) has disclosed that government is set to announce a bailout package for clients of the 53 defunct Fund Management Companies (FMCs). According to SEC, the package will be given in phases with the first phase covering clients of the twenty-two (22) companies currently under official liquidation. This announcement comes…