SEC explains modalities in paying locked-up funds to customers

Mrs Deborah Muwusi Agyemfra, Deputy Director-General in charge of Legals at the Securities and Exchange Commission (SEC), has explained that institutions, whose funds were locked-up in the financial sector cleanup exercise would receive 50 per cent of their validated claims in Tier one.

The institutions include financial institutions (FI), associations, welfare institutions, credit unions and others.

She said all other claimants would get 20 per cent of their validated claims in Tier one while the remaining balance would be credited to Tier two of which 20 per cent would be paid on anniversary dates for five (5) years.

She said all individuals below the age of 60 years would get up to GHc 70,000 of their validated claims in Tier one, while all pensioners of 60 years and over shall get all their validated claims in Tier one and all schools, faith-based organisations and hospitals also get all their validated claims in Tier one.

Mrs Agyemfra, who explained this in an interview with the Ghana News Agency at Takoradi, said the initial plans were to pay companies whose licenses were revoked by the SEC under the bailout package plan, however, recently the President gave the assurance to companies without the court order for payment to get at least GH¢50,000.00.

She said so far, 64,000 customers have benefited from the GH¢50,000.00 with only 11,000 customers standing by for the court order to get paid.

She urged those who had filed a proof of debt form but were yet to receive their claim ID and those who have received their claim ID and validated amount but have documents to support a different amount to send a mail and the supporting documents to gh_fundmanagers@pwc.com or call the number 0242439453.

However, those who have received a claim ID and would want to accept the Government bailout could go to www.bailout.rgd.gov.gh to read and accept the Agreement while those who have accepted the Government bailout and want to redeem payment could go to www.gcbcapital.com.gh/bailout for a redemption form or go to any GCB Bank for a redemption form and submit.

Additionally, those who filled the redemption form but never received a message on the payment process should complain at the GCB Bank offices.

Touching on the plight of customers of the Gold Coast Fund Management or the Blackshield, she indicated that there would be a publication of order by the registrar of companies, virtual creditor meetings by the registrar of companies, followed by virtual class meetings by the registrar of companies before payment would be done through the GCB Bank.

According to her, until the Gold Coast Management Fund proved that they can pay the money owed to their clients as it stands, the Attorney General has a case to hold on with any order for payment.

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