Registrar-General to meet creditors of defunct FMCs

The Registrar-General’s Department, the Official Liquidator of the 53 defunct fund management companies will on March 11, 2021, hold a Virtual First Creditors meeting.

A statement by the Official Liquidator noted that a Virtual Class Meeting will be held on March 12, 2021 from 9:00 am to 11:00 am for investors of fund management companies only.

The Securities and Exchange Commission (SEC), acting in accordance with Section 122 (2) (b) of the Securities Industry Act 2016, (Act 929) (SIA) revoked the licenses of 53 Fund Management Companies (FMCs) in 2019.

Pursuant to applications by the Registrar of Companies, an order was given for the official winding up of the companies attached below.

The SEC said the affected companies failed to return client funds which remained locked up in, contravention of the investment rules.

Click the link to join https://zoom.us/j/95024582509?pwd=OXh4MlhKb2kxOWtoa0V1TEV3dXZWZz09 Meeting ID: 950 2458 2509 Passcode: 93JSTn