SEC explains payment modalities to customers of defunct fund managers

Mrs Deborah Mawusi Agyemfra
Mrs Deborah Mawusi Agyemfra

Mrs Deborah Muwusi Agyemfra, Deputy Director-General in charge of Legal at the Securities and Exchange Commission (SEC) has explained that all financial institutions (FI), associations, welfare institutions, credit unions and other unions whose funds were locked-up in the financial sector cleanup exercise will receive 50% of their validated claims in Tier one.

Meanwhile, all other claimants will get 20% of their validated claims in Tier one while the remaining balance will be credited to Tier two of which 20% will be paid on anniversary dates for five (5) years.

She said, all individuals below the age of 60 years will get up to GHc 70,000 of their validated claims in Tier one while all pensioners of 60 years and over shall get all their validated claims in Tier one, and all schools, faith-based organisations and hospitals also getting all their validated claims in Tier one.

Mrs Agyemfra who gave the explanations in an interview with Newsghana during a stakeholders engagement in Takoradi further explained that initial plans were to pay companies whose licenses were revoked by the SEC under the bailout package plan, however, recently the President gave the assurance to companies without the court order for payment to get at least GHc 50,000.

She pointed out that so far, 64,000 customers have benefited from the GHc 50,000 with only 11,000 customers standing by for the court order to get paid.

She urged those who have filed a proof of debt form but did not receive their claim ID and those who have received their claim ID and validated amount but have documents to support a different amount to send a mail and the supporting documents to or call the number 0242439453.

However, those who have received a claim ID and would want to accept the Government bailout can go to to read and accept the Agreement while those who have accepted the Government bailout and want to redeem payment can go to for a redemption form or go to any GCB Bank for a redemption form and submit, and those who filled the redemption form but never received a message on payment process should complain at the GCB Bank offices.

Touching on the plight of customers of the Gold Coast Fund Management or the Blackshield, she indicated that there would be a publication of order by the registrar of companies, virtual creditor meetings by the registrar of companies followed by virtual class meetings by the registrar of companies before payment will be done through the GCB Bank.

According to her, until the Gold Coast Management Fund proves that they can pay the money owed to their clients as it stands, the Attorney General has a case to hold on with any order for payment.

“The reason why the Auditor General is going to court is that the Attorney General believes Gold Coast cannot pay the outstanding debt and till Goast Coast can prove that they can pay the money, but we are of the firm belief that the court will rule in favour of the Attorney General”, she stressed.

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