A total of Ghs 50 milion has been paid to customers of defunct Fund Management Companies (FMCs) currently challenging their liquidation orders in court.
Reports indicate that payments which begun on December 1, 2020, went to clients who accepted conditions covering the payments.
Government set aside some Ghs 1.4 billion as payments to clients of these FMCs under the announced partial bailout package.
According to SEC, the partial bailout package which commenced this month is an interim measure taken by government to provide relief to investors, pending the granting of court orders to begin liquidation of the affected companies.
Meanwhile SEC has said a total of 2,802 investors with locked-up investments in the 53 collapsed Fund Management Companies (FMC), have partially or fully been paid by government.
The total amount paid to the over 2,000 clients of the now defunct and liquidated FMCs is Ghs 322.75 million, the Commission has said.
The full bailout package involves a special arrangement whereby the government will pay clients of the FMCs the full amount of their investments within a three-year period.
The partial bailout, on the other hand, is a flat cash payment of Ghs 50,000 to clients of FMCs whose liquidation are yet to be approved by the courts.
The Commission has noted in earlier press statements that affected investors whose validated claims exceed Ghs 50,000 will receive their additional funds, in line with the bailout formula, after liquidation orders have been secured.
The partial bailout is expected to cover a total of 92,460 claims filed against 27 fund management companies, out of which Blackshield Fund Management Company accounts for 92 percent of claims.
The regulator said the partial bailout being offered will result in 89 percent and 82 percent of affected individuals and pensioners being fully settled.
“Regarding the full bailout, investors will have to subscribe to the overall bailout scheme. Claimants who do not subscribe to the bailout scheme will have to wait for a proportional liquidation dividend from the Official Liquidator,” SEC clarified.
