Wednesday, 08 July

Go to CBG for validation – SEC to clients of dead FMCs

Rev. Daniel Ogbarmey Tetteh, Director-General of the Securities and Exchange Commission (SEC)

The Securities and Exchange Commission (SEC) has asked customers of the 53 fund management companies whose licences were recently revoked, to go to some designated branches of Consolidated Bank Ghana (CBG) to have their documents validated for payment.

Pursuant to Section 122 (2) of the Securities Industry Act, 2016 (Act 929), SEC, on 8 November 2019 revoked the licences of the 53 FMCs.

“Following the revocation of the licences of these firms, SEC has, in accordance with Section 26 of Act 929, appointed an Agent to support in the closing down, securing the premises and records of these institutions.

“The Agent is also authorised to ascertain and validate details of investors and their investments with these institutions at the time of the revocation to facilitate the administration of the Government pay-out of a capped amount to affected investors”, a statement said.

SEC said the designated CBG centres would be opened from Monday, 18 November 2019, “to receive from clients of the affected FMCs, evidence of investment claims such as investment certificates, account statements, receipts and other relevant documentation for validation”.

“Please note that the offices of the affected FMCs will remain closed until further notice.  We will issue further notice on commencement of payment to investors whose claims have been validated.

“Investors are advised to visit the designated CBG branches assigned to the affected FMCs for repayment of investments made and any other enquiries relating to the revocation of their affected FMCs. Please note that the working hours for the CBG branches are from 8:30 am to 4:30 pm, Mondays to Fridays. Investors may send an email to the Agent at [email protected] or call the following numbers for any clarification: 0302960197 / 8/ 9; 0302960208 / 9 /10; 0302960023 / 4; 0302953518 / 9”.