Home BUSINESS Good news for customers of defunct fund management firms

Good news for customers of defunct fund management firms

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The government has approved partial payment to all customers whose funds have been locked-up in the various defunct fund management companies.

The customers are expected to receive up to GHS50,000 while the court process on the liquidation petition and other matters continue.

The Security Exchange Commission (SEC) announced this in a statement on Wednesday, November 18, 2020.

“The Commission hereby announces that Government has authorized a partial bailout which involves a partial payment of up to Fifty Thousand Ghana Cedis (GHS50,000) to all customers of the remaining affected Fund Management Companies while the court process on the liquidation petition and other matters continue,” part of the statement read.

The statement noted the payment forms part of the government’s efforts to protect the livelihoods of Ghanaians.

“It is predicated on the Government’s commitment to protecting its citizenry and its sensitivity to the plight of affected clients compounded by the disruptive impact of the COVID-19 pandemic,” the statement added.

Meanwhile, it noted the action is expected to benefit 92,460 claims filed against the remaining 27 FMCs.

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