SEC releases CBG branches investors can visit to begin validation process

SEC releases CBG branches investors can visit to begin validation process

The Securities and Exchange Commission (SEC) has announced that it would begin accepting relevant documents for the validation of investment claims for customers who saved with certain finance companies.

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SEC has announced November 18, 2019, as the date for customers of the banks to start a validation process following the revocation of the licenses of the 53 Fund Management Companies.

In a statement, the SEC said designated branches of Consolidated Bank of Ghana Limited (CBG) will open to receive the claims from clients who have their funds locked up at the affected companies.

SEC releases CBG branches investors can visit to begin validation process

SEC releases CBG branches investors can visit to begin validation process Source: UGC
Source: UGC

READ ALSO: Banking sector cleanup was not adequately planned – Financial analyst

The SEC said it has authorised the said branches serving as agents “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.”

The agent is also to support in “the closing down, securing the premises and records of these [collapsed] institutions.”

The SEC is expecting evidence of investment claims such as investment certificates, account statements, receipts among other relevant documentation for validation.

SEC releases CBG branches investors can visit to begin validation process

SEC releases CBG branches investors can visit to begin validation process Source: UGC
Source: UGC

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In other news, a Senior Research Analyst with the Institute of Fiscal Studies (IFS), Dr Saeed Boakye, has revealed that the banking sector cleanup conducted by the government was poorly planned.

According to Dr Saeed, the process was not carefully thought through hence the seeming tension in the industry and government’s inability to refund customers' monies.

Speaking in an interview on Starr FM's Morning Starr, he said he had issues with the whole financial sector bailout as he did not understand the whole process.

READ ALSO: Gov't signs $2.3bn concession agreement for Accra Sky Train Project

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