Tuesday, June 15

Tag: SEC

Collapsed fund management companies: Govt bailout covers claims – SEC
Business

Collapsed fund management companies: Govt bailout covers claims – SEC

The Securities and Exchange Commission (SEC) has validated GH¢1.08 billion claims put in by clients of 22 fund management companies (FMCs). The securities industry regulator explained that the government bailout for the clients would now cover the entire validated claims and not a capped amount. This follows the engagement between SEC and the Ministry of Finance, which agreed to cover all payments due the clients as per amounts validated. In a statement issued last Wednesday evening, the SEC further clarified that clients of 22 companies against whom the official liquidator (OL) had secured orders would form the first batch to receive payments, while another petition was pending in court to secure orders for the second batch, which would cover clients of about 28 FMCs. “We wis...
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