The Securities and Exchange Commission (SEC) has reported that it has fully settled 69,445 investor claims, which amounts to 82% of the 84,202 claims related to the collapse of several fund management companies.
In the 2024 Mid-Year Budget Review presented on July 23, Finance Minister Dr. Mohammed Amin Adam announced the approval of GH¢1.5 billion to continue the bailout program for investors impacted by the collapse of fund management companies whose licenses were revoked in November 2019.
This amount will be distributed in three phases: GH¢700 million in August 2024, followed by GH¢400 million in October 2024 and another GH¢400 million in December 2024.
The SEC stated that this decision, driven by humanitarian concerns, provides additional financial relief to affected investors, including those from Blackshield Capital Management and Kron Capital Limited.
GCB Capital Ltd will soon hold a meeting to guide investors on accessing these funds and to discuss the management of remaining claims in the AM Fund.
“This decision, driven by humanitarian considerations, will provide further financial relief to those impacted by the revocation, including investors of Blackshield Capital Management Limited (formerly Gold Coast Fund Management Limited) and Kron Capital Limited. This bailout covers investors with examined claims who have accepted the Government’s bailout package.
“Under this current release, investors will receive the higher of GH¢ 50,000 or 15% of their outstanding examined claims on the defunct firms. This top-up is estimated to result in close to 91% of affected investors being fully settled. This bailout will be rolled out through the Special Purpose Vehicle, Amalgamated Mutual Fund (AM Fund) managed by GCB Capital Ltd.
“The managers of AM Fund will hold a meeting in the coming days to provide guidance for those who would want to access the released funds as well as the prospects for leaving the claims in the AM Fund to be managed,” the statement read.
