Payment of bailout funds to fund management companies started – Official Liquidator

Business News of Sunday, 11 October 2020

Source: 3 News

Jemima Oware, Registrar General Jemima Oware, Registrar General

The Official Liquidator of Fund Management Companies- the Registrar-General has announced for the information of investors of defunct Fund Management Companies, whose licenses were revoked by the Securities and Exchange Commission (SEC) that payment of the bailout funds of the first batch of investors has begun as at close of business on 7th October 2020.

A statement signed by Mrs Jemima Oware, the Official Liquidator of 20 fund management companies, said the payments are “under the Government of Ghana bailout package for customers of liquidated Fund Management Companies who choose to accept the Bailout package.”

This follows the successful validation of claims and the completion of creditor meetings with the Registrar-General – with investors of the first 20 Fund Management Companies.

“The bailout program is being implemented via a special purpose entity , the Amalgamated Mutual Fund Plc (The AM Fund) established and managed by GCB Capital Limited.

“All 170 investors who had submitted Redemption requests by start of business on Wednesday, October 7, 2020, constitute the 1st batch of beneficiaries of the bailout program.

“The establishment of the Fund paves way for claims of over 2,850 investors amounting to GHS 563.65 million to be accessed.

“These investors were clients of the 20 Fund Management Companies for which Liquidation Orders have been obtained and gazetted by the Official Liquidator, and whose claims were also validated by PWC, External Auditors of the Official Liquidator,” the statement said.

It added that “The Official Liquidator advises all investors who have gone through validation and have received their unique Claim I.D.’s to now go to to go through the account set up process since the application on their website is also down as a result of a temporary technical challenge at National Information Technology Authority(NITA).

The liquidation process for the other Fund Management Companies whose licences were revoked would be continued by the Official Liquidator as long as the Court grants the Winding-up Orders and the claims of the Creditors are validated.”

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