The Registrar-General, Jemima Oware, who is the official liquidator of the 53 collapsed fund management companies says payment has begun to investors whose funds have been locked up.
The Registrar-General said the payment will be to investors of only 20 of the fund management companies. According to Jemima Oware, she had been able to receive clearance from the court to liquidate such companies.
According to a statement issued by the Registrar-General’s Department, a total of 2,850 investors had been identified for the 20 defunct fund management companies with a total investment value of GHS 563.65 million.
“[The Payment] follows the successful validation of claims and the completion of creditor meetings with the Registrar-General – with investors of the first 20 Fund Management Companies. The bailout program is being implemented via a special purpose entity, the Amalgamated Mutual Fund Plc (The AM Fund) established and managed by GCB Capital Limited,” the statement added.
According to the liquidator, the first batch of 170 investors out of the 2,850 who had submitted their Redemption requests have begun receiving their monies.
The remaining investors yet to get their monies but have gone through the validation process and received a claim ID, are to set up an account on the Registrar General’s Department’s website.
“The Official Liquidator advises all investors who have gone through validation and have received their unique Claim I.D.’s to now go to bailout now go to bailoutapp.rgd.gov.gh to go through the account set up process since the application on their website www.rgd.gov.gh is also down as a result of a temporary technical challenge at National Information Technology Authority (NITA).”
Meanwhile the Registrar General says processes are still ongoing to validate the claims of investors of the remaining fund management companies.
“The Liquidation process for the other Fund Management Companies whose licences were revoked would be continued by the Official Liquidator as long as the Court grants the Winding up Orders and the claims of the Creditors are validated.”