• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Tuesday, January 31, 2023
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Include us in bailout package – Menzgold customers to government

Nii Larte LarteybyNii Larte Lartey
September 7, 2020
Reading Time: 2 mins read
ShareShareShareShare

The Coalition of Aggrieved Customers of Menzgold wants its members to be included in government’s bailout package for depositors whose funds have been locked-up in some collapsed financial institutions in the country.

The customers say it is only appropriate if they are made beneficiaries of the bailout package since Menzgold falls under the jurisdiction of the Securities and Exchange Commission (SEC).

“We write on behalf of members of the Coalition of Aggrieved Customers to request that customers of Menzgold Company Limited be made part of the beneficiaries of the bailout fund for depositors of collapsed institutions by Securities and Exchange Commission,” the Menzgold customers indicated in a statement.

They contend that the government’s failure to have the locked-up cash paid has brought unbearable hardship on them resulting in the deaths of over 60 people leaving many others with various health issues while many others remain bedridden.

Following an order from SEC to suspend aspects of its operations in 2018, Menzgold has since struggled to pay its customers their monies.

SEC later announced the revocation of licenses of 53 Fund Management Companies.

The estimated cost of the state’s fiscal intervention, excluding interest payments to depositors, from 2017 to 2019 was pegged at GHS16.4 billion.

The Commission recently disclosed that government is set to announce a bailout package for clients of the 53 defunct Fund Management Companies (FMCs).

However, the package will be given in phases with the first phase covering clients of the twenty-two (22) companies currently under official liquidation.

SEC has also assured that no customer will be excluded in government’s bailout package for persons whose funds have been locked-up in the 50 defunct fund management companies since November 2019.

The Registrar-General’s Department is set to meet creditors of the defunct fund management companies beginning today, September 7, 2020.

ShareTweetSendSend
Previous Post

NDC to launch 2020 manifesto today

Next Post

Mahama and the digitization of Ghana’s economy [Article]

Related Posts

News

Ghana stagnates on Corruption Perceptions Index; scores 43 for third time

January 31, 2023
Top Stories

Deadline for debt exchange program moved to February 7 with new terms

January 31, 2023
Top Stories

Managers of Max Mart, Palace Mall, Second Cup Coffee arrested for tax non-compliance

January 31, 2023
Technology

Data Protection Commission to prosecute 300 institutions for data security breaches

January 31, 2023
Top Stories

Korle Bu doctors threaten to withdraw services over 13th Month Salary arrears

January 31, 2023
News

It’s essential we uphold ethics of law profession – Court of Appeal Judge

January 31, 2023
Next Post
John Mahama

Mahama and the digitization of Ghana’s economy [Article]

TOP STORIES

24 cocoa licensed buying companies indebted to COCOBOD

January 31, 2023

Ghana stagnates on Corruption Perceptions Index; scores 43 for third time

January 31, 2023

Deadline for debt exchange program moved to February 7 with new terms

January 31, 2023
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT