340 customers of Fund Management Companies to receive GH¢10.8 million

About GH¢10.8 million will be disbursed to the accounts of 340 customers of liquidated Fund Management Companies by close of Monday, October 12, 2020.

Mr Kofi El-Awuku, the Managing Director of GCB Capital Limited, the implementer of the Government bailout package, told the Ghana News Agency that the process for another batch of payment to be made by close of business on Monday had started.

Mr El-Awuku said GH¢12.2 million was paid to 270 customers, being 170 customers on Thursday and 100 customers on Friday.

He said 5,300 customers were in scope for the programme.

The payments are under the Government bailout package for customers of liquidated Fund Management Companies who choose to accept the Bailout package.

The payment follows the successful validation of claims and the completion of creditor meetings with the Registrar-General with investors of the first 20 Fund Management Companies.

The bailout programme is being implemented via a special purpose entity, the Amalgamated Mutual Fund Plc (The AM Fund) established and managed by GCB Capital Limited.

The payment follows the successful validation of claims and the completion of creditor meetings with the Official Liquidator with investors of the first 20 Fund Management Companies.

These monies are being advanced to those who have agreed to the payment structure put forward by the Official Liquidator, Mrs Jemima Oware.

He said that the fund had been structured into two tiers, (tier one and tier two) with the Liquidator developing some certain matrix with different categories of customers and different amounts.

He said per where the customer fell within the matrix, they may either take all or part of their investment.

He said it was only the money in tier two that customers could now put in request to claim all or part.

“So, it is only part of the money in tier two that they can also send request to be paid to them or all of it paid out,” he said.

He said the institution had processed all the requests from customers, since the last time they paid.

He said those who had submitted the redemption forms, were those that were being paid and others were still going through Know Your Customers (KYC) procedure.

“Some have gone through all the processes but are not willing to withdraw their funds,” he added.

He said government had provided funds to be paid to as many customers, who submit their documents or request to the bank for payment.

Mr El-Awuku said they were ready to pay per the request they received within 48 hours, adding that they had received some complaints from customers, who indicated that they went to the branch to be paid but were denied.

The Securities and Exchange Commission (SEC) on Friday, November 8, 2019 withdrew the licenses of 53 fund management companies.