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SEC begins partial bailout packages to affected Fund Management Companies

SEC begins partial bailout packages to affected Fund Management Companies

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The Securities and Exchange Commission (SEC) has announced that it has begun payment processes for the Government partial bailout for all remaining clients of the affected Fund Management Companies whose licenses were revoked.

A statement issued and copied to the Ghana News Agency in Accra said the GHS50,000 partial cash bailout would also include customers of Gold Coast Fund Management Limited (now Blackshield Fund Management Company Limited.

It said the package would fully cover 89 percent of individuals and 82 percent of pensioners, adding that, validation claims in excess of the cash payout shall be covered after liquidation proceedings in court.

This, it said, was in line with the terms supplied under the bailout package for clients of the Fund Management Companies which is currently undergoing liquidation proceedings.
The statement said affected clients have been sent SMS messages comprising their validated claims with outstanding customers which would be covered shortly.

It said interested applicants must first use the claim identification sent by SMS to accept the package at www.bailout.rgd.gov.gh and be sure to click ‘submit’ at the end.
A text message would later be received with clients’ AM Fund account number within a maximum of five working days, it stated.

According to the statement, applicants must upload onboarding documents which include passport picture, ID document and address document to www.gcbcapital.com.gh/bailout, adding that applicants would receive a text message within five business days after the payment of their monies into Ghana Commercial Bank (GCB) account.

For the final step, the statement said applicants should go to GCB with copies of the onboarding documents that they have uploaded. After, their accounts would be activated, and the cash could be accessed.

The statement said affected clients who had already completed the first step to access their payment would be contacted shortly to complete the last two steps.
“Clients with validated claims of an excess of Fifty Thousand Ghana Cedis (GH₡50,000) can also opt to wait for the conclusion of the liquidation processes in court to access the full bailout package,” it said.

It explained that a partial bailout of GHS50,000.00 would be paid in cash into GCB accounts that would be opened for each client to avoid doubt.
It said clients would be able to withdraw cash as their accounts get activated.
The SEC appealed to affected clients to follow the required processes and rely on information provided by the Commission.

It assured clients of receiving their cash as they would be distributed in batches and that dedicated bailout call centre could be reached on the following numbers, 0553564472 or 0242439453.

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