Over ¢200 million paid to customers of Liquidated Fund Management Firms

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A little over GH¢200 million has been credited to the accounts of some investors of liquidated fund management firms.

This is coming after GCB Capital commenced payment since the beginning of last month.

These funds have been paid to more than 2,000 customers who have had their claims validated by the Registrar Generals’ Department.

Managing Director of GCB capital, Kofi El Awuku has been giving more details on those that have benefited from these payments.

“It cuts across all the categories, both persons above 60 years as we hinted and persons below 60. The institutions we’ve made payments to are corporate entities, financial institutions, schools, hospitals and to a good number of various welfare or staff associations across the country.”

“And these cut across the 20 fund managers we originally started with. So this number obviously exclude the addition that was announced today [18th November, 2020],” he noted.

Meanwhile, GCB Capital has indicated that the remaining customers that are expected to benefit from the GH¢1.4 billion government bailout will have to go through a similar verification process to get their funds.

Government on Wednesday authorized a partial bailout for customers of the remaining affected Fund Management Companies whose liquidation process is in court.

The customers are to receive a part payment of up to ¢50,000 each. This included customers of Gold Coast Fund Management Limited (now Blackshield Fund Management Company Limited).

According to the Securities and Exchange Commission, this comes after deliberations with the government regarding an agreed social and humanitarian intervention for all remaining customers of the failed Fund Management Companies.


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