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Business News of Tuesday, 24 November 2020

Source: GNA

Blackshield Fund Management Company customers receive bailout text messages

Some customers of Blackshield Fund Management Company have started receiving text messages alert from the Securities and Exchange Commission (SEC) to enable them to proceed with the next steps to be paid.

SEC explained that the Commission started transmitting the text messages to the customers from Friday, November 20, 2020.

The Commission said there were six steps to access the bailout including validation of claims text to customers, assignment of claims by customers to Special Purpose Vehicle, where customers could visit www.bailout.rgd.gov.gh and receipt of a welcome text message; within five business days of accepting the bailout agreement.

The rest are completion of onboarding forms, receipt of account number text and redemption within five business days of successful onboarding and receiving payment within two business days of submitting a redemption form.

Mrs Jemima Oware, the Official Liquidator of Fund Management Companies (FMCs), said from the inception of the Class meeting on September 15 to November 12, 2020, 4,154 investors had signed up for the bailout package.

She said the value of the claims of the signed up clients as at November was GH¢767 million.

Mrs Oware, who is also the Registrar-General, said over 2,220 claimants were paid with a value of GH¢257 million, adding that GCB Capital was now making payment to investors who have assigned on by accepting the government bailout package.

She said ten more companies were online for liquidation, adding that the process for folding up of companies was characterized by challenges such as the complex and bureaucratic court processes, inability to locate some companies, and inaccurate contact details.

Other challenges were non-confirmation of claim validations and dispute over validated claims.

“In the light of all these challenges of the bureaucratic court processes, it is welcoming news that the government has authorized the partial bailout for all remaining customers of the revoked FMCs, pending the outcome of the liquidation petition orders,” she said.

She also assured investors that the office of the Official Liquidator would expedite the process to bring the much-needed relief to investors and creditors.