Defunct fund managers: SEC reveals that GHC2bn worth of claims are full of lies

Defunct fund managers: SEC reveals that GHC2bn worth of claims are full of lies

- The Security and Exchange Commission (SEC) has reduced the value of claims for locked-up funds from GH¢12.5 billion to GH¢10 billion

- The decision was reached in the course of an ongoing validation process to confirm details of claims by depositors

- About half of the claims have been validated so far and it is expected that the payment process would commence shortly

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The Security and Exchange Commission (SEC) has revealed that about GHC2 billion worth of claims presented by customers of defunct fund managers are not credible.

It added that there is an ongoing liquidation process for defunct fund managers and two liquidation orders have been filled so far.

According to the Director-General of the SEC, Daniel Ogbarmey Tetteh, the process has to be complete before payment can be made to customers.

READ ALSO: Clients of 53 defunct fund managers 'cry' to government over locked up cash

He explained that following the validation process, the original value of GH¢12.5 billion has now shrunk to GH¢10 billion, Ghana Web reports.

Ogbarmey went on to say that "the liquidation process has started although because of the processes involved, we can't state exactly when it will end. But hopefully, we don't have to wait for liquidation to end before payment starts.”

He further revealed that officials working on the validation of claims have completed around 50% of the process.

In March 2020, customers of defunct fund managers were assured of the payment of their locked up funds after claims have been validated. earlier reported that the Securities and Exchange Commission (SEC) has published a list of 13 new fund managers with regard to investments managed by companies whose licenses have been revoked.

The managers comprise of 11 Mutual Funds and two Unit Trusts. Per the statement released by SEC, Linx Capital Limited is the new fund manager of the CDH Balanced Fund Limited and Waica Re Capital Limited now manages the Sirius Opportunity Fund Limited.

READ ALSO: Over GHC5 billion has been paid to clients of defunct fund managers - Report

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Source: Yen Newspaper

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