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Nana Addo Government Order “Partial Payment” Of Locked Up Funds Of Gold Coast Customers And Others

The Nana Addo Dankwa Akufo Addo government made a promote to pay the citizens whose funds was locked up due to bad management of some banks and micro finance which affected the financial and banking sector.

The Securities and Exchange Commission (SEC) has announced in a statement dated Wednesday, 18 November 2020. In the statement they made it clear saying “acting within its mandate of protecting investors and the integrity of the market “‘ its wishes to announce the outcome of its deliberations with the government “regarding an agreed social and humanitarian intervention for all remaining customers of the failed fund management companies.

Securities And Exchange Commission hereby announces that the government has authorized a partial bailout which involves a partial payment of up to GHS 50,000 to all customers of the remaining affected fund management companies while the court process on the liquidation petition and other matters continue “, the statement said.

This partial bailout would cover a total of 92,460 claims filed against the remaining 27 fund management companies, out of which Blackshield Fund Management Company Limited accounts for a total of 84, 656 (92%) claims. “Claims filed by individuals (including pensioners ) is 86,506 with Gold Coast Fund Management Limited (now Blackshield Fund Management Company Limited) accounting for 80,018 (92.5%) of these claims.

The money for the partial bailout shall be channeled through the Amalgamated Fund Ghana Limited, the same Special Purpose Vehicle (SPV) being used to pay the clients of the Funds Management Companies currently under the official Liquidation. Amalgamated Fund Ghana Limited is managed by GCB CAPITAL LIMITED, a subsidiary of GCB Capital Limited, a subsidiary of GCB Bank Limited. The SEC’s agent for receiving and validating claims is PwC”, the statement noted.

Content created and supplied by: Faithfulnewsgh (via Opera News )

Amalgamated Fund Ghana Limited Blackshield Fund Management Company Limited Nana Addo Nana Addo Dankwa Akufo Addo Securities And Exchange Commission


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