Jemima Oware
The Registrar General, official liquidator of some fund management companies, has announced for the information of investors of defunct fund management companies, whose licences were revoked by the Securities and Exchange Commission (SEC) that payment of the bailout funds of the first batch of investors has begun as at close of business on October 7, 2020.
A statement issued recently and signed by Mrs. Jemima Oware, Registrar General, said the payments were under the Government of Ghana bailout package for customers of liquidated fund management companies who chose to accept the bailout package
It said the payment followed the successful validation of claims and the completion of creditor meetings with the Registrar General and investors of the first 20 fund management companies.
“The bailout programme is being implemented via a special purpose entity, the Amalgamated Mutual Fund Plc (The AM Fund), established and managed by GCB Capital Limited.
“All 170 investors who had submitted redemption requests by start of business on Wednesday, October 7, 2020, constituted the first batch of beneficiaries of the bailout program.
“The establishment of the fund paves way for claims of over 2,850 investors amounting to GH ₵563.65 million to be accessed,” it mentioned.
The statement said the investors were clients of the 20 fund management companies for which liquidation orders had been obtained and gazetted by the official liquidator, and whose claims were also validated by PWC, external auditors of the official liquidator.
“.The official liquidator advises all investors who have gone through validation and have received their unique claim IDs to go to bailoutapp.rgd.gov.gh and go through the account set up process since the application on their website www.rqd.qov.qh is also down as a result of a temporary technical challenge at the National Information Technology Authority (NlTA),” it highlighted.
It added that “the liquidation process for the other fund management companies, whose licences were revoked, will be continued by the official liquidator as long as the court grants the Winding up Orders and the claims of the creditors are validated.”
By Samuel Boadi