The Securities and Exchange Commission (SEC), has noted that no authorization – not from it or the Official Liquidator – has been given to PBAY Limited to facilitate payments of locked-up funds of investors of the 53 collapsed Fund Management Companies (FMCs).
According to SEC, its investigations have revealed that PBAY Ltd, an entity purporting to be able to facilitate payments of customers locked-ups in collapsed FMCs in return for a commission or fee, has not been duly registered by the Registrar-General’s Department (RGD).
SEC also noted that, neither has the regulatory body nor the RGD – the Official Liquidator of the FMCs – authorized the activities of PBAY Ltd.
In effect, SEC through a press statement copied to norvanreports, warned the general public particularly affected investors not to patronise the activities of PBAY Ltd but rather submit claims and supporting documentation only to publicly announced and designated persons in accordance with statutory notices issued or published by the RGD or SEC.
“Anyone who disregards this warning does so at his or her own risk,” ended the press release by SEC.
Find below details of the press statement: