By Roselyn Gayaglo
The Securities and Exchange Commission (SEC) has announced a timetable for releasing locked-up funds of investors of failed fund management companies that had their licenses revoked in November 2019.
A statement from the SEC made reference to approval by government, through the Ministry of Finance, to release 1.5 billion cedis as part of the bailout programme to the affected investors.
It said the money will be released in three tranches commencing with the first tranche of 700 million cedis in August 2024, and 400 million cedis each in October and December 2024.
This 1.5 billion cedis is in addition to the 4.46 billion cedis previously released to affected investors with examined claims. The statement explained that the bailout money released so far has been used to pay a total number of 84,202 investor claims of the failed fund management companies out of which 69,445, representing approximately 82 percent of investor claims have been fully settled.
The SEC said the bailout will be rolled out through the Special Purpose Vehicle, Amalgamated Mutual Fund (AM Fund) managed by GCB Capital LTD.