Go to CBG for validation and payment – SEC to customers of Gold Coast, others

The Securities and Exchange Commission (SEC) has asked customers of the collapsed fund management firms to visit CBG branches from Tuesday to validate their documents in order to receive payments.

According to the Deputy Director-General for SEC Paul Ababio, customers will receive text messages showing them the processes to receive their monies once their documents are validated.

“In terms of the way forward, we are working with CBG to ensure that investors can file their claims from tomorrow at CBG branches and once we’ve done the validation, we will make some funds available and that will also be announced to the general public,” he told Francis Abban on the Morning Starr Monday.

He said the initial payments will only cover the principal of customers.

Also reacting to claims by the founder of Gold Coast management fund Dr Paa Kwesi Ndoum that SEC refused to help him retrieve his locked up funds from the government, he said SEC is not a debt collector.

“Our role is not debt collection. Our role is to ensure that the industry is behaving properly.”

Mr Ababio confirmed the receipt on the letter to help in the retrieval of government debt but after analyzing the issues, SEC realized the debt was complicated as some of the debt liabilities were borne by the defunct GN Bank.