The Securities and Exchange Commission (SEC) has disclosed that government is set to announce a bailout package for clients of the defunct fifty-three (53) Fund Management Companies (FMCs).
According to SEC, the package will be given in phases with the first phase covering clients of the twenty-two (22) companies currently under official liquidation.
This announcement comes days after the Governor of the Bank of Ghana, Dr. Ernest Addison stated that all customers of the nine collapsed banks have been paid their locked-up funds.
A statement issued by the Securities and Exchanges Commission (SEC) explained that the Official Liquidator, the Registrar General, will communicate details of the payment process to affected clients starting next month (September).
SEC however noted that no action can be taken for clients of Blackshield Capital Management Limited, Firstbanc Financial Services Limited, Apex Capital Partners and Ideal Capital Partners Limited since they have filed applications in court to challenge the revocation of their licenses by the Securities and Exchanges Commission.
The statement adds that four of the fifty FMCs whose licenses were revoked have filed applications in Court to challenge the SEC’s decision to revoke their licenses.
These cases are at various stages in Court, and have resulted in a situation where no other action can be taken by the SEC or the Registrar General to proceed with official liquidation and government bailout of the clients of these four FMCs until the Court decides on them.
