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Official Liquidator to meet investors of collapsed Fund Management Companies tomorrow

Mon, 14 Sep 2020 Source: Ghanaian Times

The Official Liquidator of the 53 defunct Fund Management Companies, Jemima Oware, will today commence a two-day virtual meeting with investors of some of the companies.

The meeting, according to a notice issued by the Liquidator in Accra yesterday, was to provide an update on government’s bailout plan for creditors who qualify as investors of the Asset Management Companies (AMCs) and were under the regulatory remit of theSecurities and Exchange Commission (SEC).

The links to the meetings, it said, would be delivered to all investors via text message.

Investors of Intermarket Asset Management Limited, Formerly CDH

Asset Management Limited, from Capital Limited, Nesst Capital Limited, Mak Assets Management Limited and Mec-Ellis Investments (Ghana) Limited are expected to partake in today’s meeting.

Others are Alpha Cap Securities Limited, ManCapital Limited, Sirius Capital Limited, KamaagKapital Limited, Formerly Lifeline AssetManagement Limited and Tikowrie Capital Limited.

The second day would see investors ofBrooks Asset Management Limited, All-Time Capital Limited, Mutual Integrity Limited, Weston Capital Limited, Standard Securities Limited and Galaxy Capital Limited participate in the meeting.

The rest include Nordea Capital Limited, Nickel Keynesbury Limited, Axe Capital Advisors Limited, Formerly United Capital Advisors Limited and Supreme Trust Capital Limited.

It would be recalled that earlier this month, the Official Liquidator met all creditors of the companies virtually for five days as part of the liquidation process.

Last year, the SEC, acting in accordance with section 122 (2) (b) of the Securities Industry Act 2016, (Act 929) revoked the licenses of 53 asset management companies.

Pursuant to applications by the Registrar of Companies, the High Court, Commercial Division ordered the official winding up of the affected companies and appointed the Registrar General as the official liquidator.

Source: Ghanaian Times

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