Registrar General Details Payment Plan To Creditors

Jemima Mamaa Oware

THE REGISTRAR General has indicated it is starting a virtual meeting with all investors of some 20 of the 53 fund management companies whose licences were revoked recently.

The meetings, which are scheduled for today and tomorrow, will provide an update on a government bailout plan for creditors who qualify as investors of the asset management companies (AMCs) and are under the regulatory remit of the SEC.

A statement issued recently and signed by Jemima Mamaa Oware, the official liquidator for the 53 fund management companies, said the links to the meetings had been delivered to all investors via text message prior to today.

The statement said the Registrar General would today meet customers of Intermarket Asset Management Limited (Formerly CDH Asset Management Limited), Fromfrom Capital Limited, Nesst Capital Limited, MAK Assets Management Limited, Mec-Ellis Investments (Ghana) Limited, Alpha Cap Securities Limited, Man Capital Limited, Sirius Capital Limited, Kamaag Kapital Limited (formerly Lifeline Asset Management Limited) and Tikowrie Capital Limited.

For tomorrow, September 16, 2020, the Registrar General is billed to meet customers of Brooks Asset Management Limited, All-time Capital Limited, Mutual Integrity Limited Weston, Capital Limited, Standard Securities Limited, Galaxy Capital Limited, Nordea Capital Limited, Nickel Keynesbury Limited, Axe Capital Advisors Limited (Formerly United Capital, Advisors Limited) and Supreme Trust Capital Limited.

The statement noted that the Securities and Exchange Commission (SEC), acting in accordance with Section 122 (2) (b) of the Securities Industry Act 2016, (Act 929) (SIA), revoked the licenses of 53 AMCs.

It said this followed applications by the Registrar of Companies, the High Court, Commercial Division presided over by Her Ladyship Justice A. Mensah Homiah (JA), who ordered the official winding up of the companies.

A business desk report