The Securities and Exchange Commission (SEC), has assured aggrieved customers of the 47 failed Fund Management Companies (FMCs), that government has made enough provision to cover all validated claims.
According to the Commission, the recent additional allocation of Ghs 5.5 billion in the 2021 budget to support the clean-up exercise in the asset management industry is enough to settle most affected clients.
Adding that the bail-out packages rolled out by government has so far been quite successful.
“The partial bailout authorized by the government has resulted in about 66% of claimants (all categories) being fully paid. For claimants with validated claims in excess of the GH¢50,000 threshold, please be assured that the full bailout package would be triggered when the liquidation orders are granted,” SEC said in a statement on Friday, April 30.
Noting that 10 companies, have their liquidation petitions pending as a result of court cases.
“There is hence no need for any affected client to panic because of the protracted court liquidation process,” the Commission added.
SEC also explained that out of a total of 100,898 claims received against the 47 FMCs, 100,700 claims have been validated as of Wednesday, March 31.
“This means that an estimated 99.8% of the total claims filed have been validated with an almost 30% found to be unwarranted. Claimants who disagree with validated amounts are engaging the agent of the SEC for further examination,” said SEC.
