Tag: Securities and Exchange Commission
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Customers of Blackshield Fund Management Company receive bailout text messages
Some customers of Blackshield Fund Management Company have started receiving text messages from the Securities and Exchange Commission (SEC) for them to get part of their locked up monies paid. SEC explained that the Commission started transmitting the text messages to the customers from Friday, November 20, 2020. The Commission said there were six steps…
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Blackshield customers, others to start receiving government’s partial payment from today
The Securities and Exchange Commission (SEC) says customers of the affected fund management companies yet to receive bailout will from today, November 20, 2020, be able to access a partial package of up to GHS50,000 authorized by government. According to the Commission, the amount covers 89 percent of affected customers and 82 percent of pensioners.…
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Customers of defunct fund management firms welcome partial payment plan
The Coalition of Aggrieved Customers of the 50 Collapsed Fund Management Companies has welcomed the government’s directive to the Securities and Exchange Commission, for a partial bailout to be provided to affected customers of companies that are not under official liquidation. In a press statement released on Wednesday, the SEC stated that government had authorized…
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Aggrieved Fund management customers defy SEC warning; engage PBAY for refund
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…
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No one will be left out in bailout for clients of defunct fund managers – SEC clarifies
The Securities and Exchange Commission, SEC, has clarified that no customer will be excluded in government’s bailout package for persons whose funds have been locked-up in the 53 defunct fund management companies since November 2019. Earlier indications were that only customers of 22 defunct companies were going to benefit in the first phase due to…
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Customers of fund management companies sceptical about SEC’s plans to pay locked up cash
The Coalition of Aggrieved Customers of Collapsed Fund Management Companies has downplayed the recent announcement by the Securities and Exchange Commission that payment processes for some affected customers will begin in September 2020. According to them, government’s intention to pay clients of the twenty-two (22) companies currently under official liquidation is not right as clients…
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We’ve instituted stringent measures to detect distressed banks – BoG Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison, says the central bank has put in place stringent measures to rapidly detect signs of distress exhibited by financial institutions, to immediately step in and protect the funds of depositors. The Governor says the measures include tightening of the bank’s supervisory role to stop the…
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Fund management customers threaten to vote against Akufo-Addo over unpaid funds
Members of a group calling itself the Coalition of Aggrieved Fund Management Customers have given government by close of July to pay all locked up funds due them or face their wrath. In March this year, the Deputy Director-General of the Securities and Exchange Commission, SEC, Paul Ababio, told Citi Business News investors of the…
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Validation still ongoing to pay Fund Management customers – SEC
The Securities and Exchange Commission (SEC) says it hopes to, in the near future, begin payment of outstanding validated claims of clients of some of the 53 fund management companies who got their licenses revoked in November 2019. The 53 fund management companies that have lost their licenses were said to be managing a customer…
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![Locked-up Investments: Reminder of a forgotten emergency in the clouds of others [Article]](https://citibusinessnews.com/wp-content/uploads/2020/05/WhatsApp-Image-2020-05-05-at-8.21.32-AM.jpeg)
Locked-up Investments: Reminder of a forgotten emergency in the clouds of others [Article]
A number of emergencies have been identified and steps taken to address them in an attempt to mitigate the social and economic impact on people of Ghana. However, in the attempt to identify and attend promptly to emergencies, one important emergency, regarding the ‘LOCK DOWN’ of people’s investment with the Securities and Exchange Commission (SEC)…