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Business News of Friday, 4 September 2020

Source: Starr FM

Registrar-General to meet creditors of defunct fund management companies

The Registrar-General’s Department, the official Liquidator of the 53 defunct fund management companies will from September 7, 2020 begin a scheduled virtual meeting with creditors.

A statement from the Registrar General’s Department stated that all customers of the collapsed fund management companies will be met virtually for the first creditors meeting.

The Registrar-General will first meet creditors of 22 out of the 53 collapsed fund managers for Phase One. The remaining creditors will be met after the completion of the first virtual meeting.

The Securities and Exchange Commission, (SEC) in November last year revoked the licenses of 53 fund management companies.

The SEC said the affected companies failed to return client funds which remained locked up in, contravention of the investment rules.

Attached is a copy of the statement from the Registrar General’s department and scheduled times to meet customers of the defunct fund management companies:

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