GHS768 million paid to over 6,000 clients of collapsed FMCs – SEC LISTEN
MAY 2, 2021
The Securities and Exchange Commission (SEC) has announced that about GHS768 million has been credited to the accounts of some 6,916 clients of the 53 defunct Fund Management Companies, who signed up for the government s full bailout programme.
According to the Commission, actual payments also made under the Partial Bailout Programme as of March 31, 2021, amount to GHS995 million, representing 81% of total claims and 83% of the total corresponding partial bailout value.
This update comes months after the government announced a bailout package for clients of the 53 defunct Fund Management Companies (FMCs).
“Mr Speaker, the resolution of the banking industry has been completed while that of the 17 asset management companies (AMC) is ongoing.
“Out of an estimated amount of GHS8.5 billion, this august House approved an amount of GHS3.1 billion in July 2020 to settle investors of 30 failed AMCs.
“While the Securities and Exchange Commission (SEC) waits to obtain liquidation orders for the remaining 17 AMCs, it worked with the Ministry of Finance to provide a partial bailout of GHS50,000 each, paid to over 90,000 investors,” the Majority Leader said. “Mr Speaker, for the Securities and Exchange Commission to fully settle investors of the remaining 17 AMCs, an amount of GHS5.5 billion (1.3% of GDP) is estimated to achieve that.
Govt seeks $5 5 billion to settle remaining clients of defunct FMCs modernghana.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from modernghana.com Daily Mail and Mail on Sunday newspapers.
SEC requires GH¢5 5 billion to settle investors modernghana.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from modernghana.com Daily Mail and Mail on Sunday newspapers.