Director-General of the Securities and Exchange Commission (SEC) Rev. Daniel Ogbarmey Tetteh, has addressed a rising misconception following the announcement of a partial bailout package to the remaining defunct 27 Fund Management Companies (FMCs).
The misconception comes on the back of SEC stating in a press release dated November 18, 2020, that clients of the reminding FMCs were to receive maximum payments of upto Ghs 50,000 in the partial bailout.
A section of the public have opined that affected persons with more than Ghs 50,000 locked up funds in the FMCs will be shortchanged as in the initial bailout, affected investors were paid up to Ghs 70,000 in the Tier 1 category.
But addressing such concerns at the second engagement series of the Time with the Commission, Rev Ogbarmey Tetteh averred affected investors with more than Ghs 50,000 validated claims will have the remaining amount of money transferred into the Tier 2 category of validated claims which is a fund to be managed on behalf of investors for the next 5 years.
“So if an investor has a validated claim less than Ghs 50,000, the investor gets his or her money after going through the onboarding process and completing the redemption process. But if the amount is more than Ghs 50,000, then the remainder is transferred into the Tier 2 category just as done in the first bailout process,” he stated.
“So it’s not about anybody being shortchanged,” he added.
Speaking further, he noted that affected investors would have to follow the same processes employed in the first bailout to retrieve their monies.
The processes he outlined, include investors after validation of claims receiving Claim IDs and then go on to log onto www.bailout.rgd.gov.gh to accept the bailout and execute agreement with Government.
After which the investor would be taken through an onboarding process and required to complete money redemption forms to finally retrieve their monies.
