Do not panic, there are funds to cover all validated claims – SEC to aggrieved customers

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The Securities and Exchange Commission, Ghana (SEC) has assured worrying customers of dissolved fund management companies (FMCs) that government has made provision to cover all validated claims.

It said so far the bail-out packages rolled out has been “quite successful”.

“The partial bailout authorized by the government has resulted in about 66% of claimants (all categories) being fully paid,” SEC said in a statement on Friday, April 30.

“For the claimants with validated claims in excess of the GH¢50,000 threshold, please be assured that the full bailout package would be triggered when the liquidation orders are granted.”

It noted that out of the 47 FMCs, the courts granted 37 liquidation orders for claims from the official liquidator.

But 10 companies, according to SEC, have their liquidation petitions pending as a result of court cases.

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It explained that out of a total of 100,898 claims received against the 47 FMCs, 100,700 claims have been validated as of Wednesday, March 31.

“This means that an estimated 99.8% of the total claims filed have been validated with an almost 30% found to be unwarranted.

“Claimants who disagree with validated amounts are engaging the agent of the SEC for further examination.”

SEC has assured that the recent additional allocation in the 2021 budget to support the clean-up exercise in the asset management industry will settle most affected clients.

“There is hence no need for any affected client to panic because of the protracted court liquidation process.”

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