Bailout covers all customers – SEC clarifies

The Securities and Exchange Commission (SEC) has clarified that all customers of the failed Fund Management Companies will not be left out in the government’s bailout plan.

The SEC noted that its earlier press statement announcing the bailout plan was misconstrued.

The SEC in a statement on Wednesday, September 2, said “We wish to assure all affected clients that the Government bailout package is all-inclusive, provided claims have been validated and liquidation orders secured.

“The SEC reiterates the fact that there is no plan to exclude any group of customers and as indicated in our last press release, the roll-out of the Government bailout will be done in phases,” SEC said in a statement.

The bailout will be carried out on two phases, the SEC said.

“The first phase will cover clients of the twenty-two (22) companies currently under official liquidation per Court orders, based on their validated claims.

“The Official Liquidator will communicate details of the payment process to affected clients starting in September.

“The second phase would cover clients of the remaining companies after the liquidation orders are secured”.

“The point being made therefore is that receiving Government’s bailout is predicated on completion of validation and securing of liquidation orders. It is therefore a question of timing and nothing else,” SEC noted.

By Laud Nartey||Ghana

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