26 Nov 2020

PARTIAL CASH BAILOUT PROCESSES BEGIN PENDING THE OUTCOME OF LIQUIDATION PETITIONS

The Securities and Exchange Commission (SEC), acting within its mandate of protecting investors and the integrity of the securities market, wishes to inform all clients of the remaining affected Fund Management Companies whose licenses were revoked that payment processes for the Government partial bailout have begun in line with its earlier public notice on the 18th November 2020.

The partial cash bailout which involves a payment of up to Fifty Thousand Ghana Cedis (GHS50,000) will cover all clients of the remaining affected Fund Management Companies including customers of Gold Coast Fund Management Limited (now Blackshield Fund Management Company Limited). In the end, the partial bailout being offered would result in 89% of individuals and 82% of pensioners being fully covered. Validated claims in excess of this partial cash payout amount shall be covered after the liquidation proceedings in Court, in line with the terms being applied under the bailout package for the clients of the Fund Management Companies currently undergoing liquidation proceedings.

The SEC wishes to inform the investing public that a large number of affected clients have been sent SMS messages containing the value of their validated claims with outstanding customers to be covered shortly. Interested claimants must now follow THREE simple steps (reduced from six steps) outlined in Appendix 1 to access the partial bailout in cash.

The over ten thousand clients who have already completed step one will be contacted shortly to complete the last two steps to access their payment of up to Fifty Thousand Ghana Cedis (GHS50,000) conveniently. Clients with validated claims in excess of Fifty Thousand Ghana Cedis (GHS50,000) can also opt to wait for the conclusion of the liquidation processes in court to access the full bailout package.

For the avoidance of doubt, the partial bailout of GHS50,000 would be paid as cash into the bank accounts that would be opened at GCB Bank for each client. Clients would therefore be able to withdraw cash as soon as their accounts are activated as outlined in Appendix 1. The SEC, therefore, appeals to all affected clients who opt for the partial bailout package to patiently follow through with all the processes and rely only on information provided by the SEC on the process. Clients who are yet to receive their Claim IDs are advised not to panic as the SMS is being dispatched in batches. The Government is committed to following through with its bailout package for all validated claims.

Requests for further information can be made by calling the dedicated bailout call center number on 0553564472/0242-439453 or by sending an email to gh_fundmanagers@pwc.com. Alternatively, customers may visit  www.bailout.rgd.gov.gh for the latest updates on the bailout situation. This Press Release is issued pursuant to section 208(c) of the Securities Industry Act, 2016 (Act 929).

 

By Order of the

SECURITIES AND EXCHANGE COMMISSION

DATED: 25th November 2020

 

PARTIAL CASH BAILOUT PROCESSES BEGIN PENDING THE OUTCOME OF LIQUIDATION PETITIONS

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