The Registrar-General’s Department (RGD) – the official liquidator of Fund Management Companies – has begun payments of investors’ locked-up funds.
Information reaching norvanreports indicate that, payments to customers of the collapsed Fund Management (FMC) firms begun on Thursday, October 8, 2020.
Payments according to sources were made into the accounts of customers with clients aged 60 and below getting a minimum of Ghs 70,000 while customers above 60 years were paid all of their locked-up funds.
All faith based organizations (FBOs), schools and hospitals will also get all of their claims.
On the other hand, Financial Institutions and Credit Unions will get 50 per cent of their claims validated with the rest of the claims put into an investment fund.
Payments of locked-up funds comes a day after the Director General of the Securities and Exchange Commission (SEC), Reverend Daniel Ogbarmey Tetteh, assured customers of the 53 defunct FMCs of Government’s commitment to refund their locked-up investments.
Speaking on Accra-based Mx24, Reverend Ogbarmey Tetteh noted that out of the 53 affected firms, his outfit has been able to access fully the records of 40, and is working to access the records of a further seven in order to take them through the liquidation process.
He stated that, liquidation orders have so far been granted to 22 fund managers and processes are in place to pay depositors their investment.
“As at the end of July when the legal vacation kicked in, the court had granted the official liquidator 22 liquidation orders and we also had full access to the records of 40 out of 47 of the firms because three did not have any claims filed and we did say that there is a government bailout and it will be rolled out in phases,” he intimated.
“Government’s bailout is for all affected investors and not for only the 22 firms whose liquidation orders have been granted. So that clarity has to be there and it is just a question of time,” he added.