The Registrar-General, Jemima Oware, says she is awaiting more winding down orders from the court assigned to handle the liquidation cases for fund management companies (FMCs) before making more payment to customers whose funds have been locked-up in the various defunct fund management companies.
Giving updates on the payment process, she said the next line of action is dependent on the decision of the court, which will include holding more creditor meetings.
“For our end, we have finished our bit of class and creditor meetings, which was done at the end of last year. This year, we haven’t held any yet. I am waiting for a few more orders from the court. Once I get that, then I’ll have another round of creditor and class meetings,” she said.
“But the government gave out a partial bailout package to all those companies that have not as yet received orders to wind them up. At least they’ve gotten a partial bailout of GHS50,000. That is currently ongoing. That is why there is a bit of calm on that front. But I’ll definitely be having a round of meetings again,” she added.
It would be recalled that the Securities and Exchanges Commission (SEC) in November 2020 announced that the government had authorised a partial payment of up to GHC50,000 to all customers of the remaining defunct Fund Management Companies whose monies were locked up.
This followed an earlier directive by government to pay customers whose claims were validated.
A statement issued by the SEC had said that the customers will be paid while the court process on the liquidation petition and other matters continue.
The Amalgamated Mutual Fund PLC then commenced cash payments under the partial bailout scheme to these clients.
These payments are still ongoing, according to the Registrar General, who is also the official liquidator for the collapsed Fund Management Companies.