Customers of the 53 defunct Fund Management Companies (FMCs) will be engaged by the Registrar-General’s Department via a virtual meeting from September 7, 2020.
This, is according to a statement by the Official Liquidator – Registrar-General’s Department – of the 53 defunct FMCs copied to norvanreports.
The virtual meeting will be held with the creditors of 22 FMCs out of the 53 collapsed FMCs for the first phase, with the remaining 31 FMCs also engaged in a virtual meeting at a later date.
Links to the virtual meeting according to the Official Liquidator, will be delivered via text to the customers by close of business day on Friday.
The Securities and Exchange Commission, (SEC) in November last year revoked the licenses of 53 fund management companies.
The SEC said the affected companies failed to return client funds which remained locked up, a contravention of the investment rules. The government has however, made available a bailout package for customers of the 53 defunct FMCs.