- Awaits complete validation to settle the remainder
Government has provided a GH¢1.4billion relief package to embattled customers of 27 collapsed fund management companies, including gold coast Ltd. – which hitherto had not received a penny due to a prolonged validation process.
A press release by the Securities and Exchange Commission (SEC) dated 18th November 2020 stated that government has authorised a partial bailout, which involves payment of up to GH¢50,000 to all customers of the remaining affected fund management companies while court processes on the liquidation petition and other matters continue.
This means that all 92,460 affected customers under this special arrangement will receive claims of no more than GH¢50,000, even if their deposits exceed that amount. Such customers, according to the press release, will be settled after the liquidation proceedings in court – in line with terms being applied under the bailout package for clients of the Fund Management Companies currently under official liquidation.
On the other hand, all customers whose deposits with these fund management companies are below the said amount will receive full payment of…
