The management of BlackShield Capital Limited has asked the government to also bailout its customers after the Security and Exchange Commission (SEC) excluded them from the list of those who are going to benefit from the government’s bailout package for customers of the 53 defunct Fund Management Companies (FMCs).
The management said it will be unfair for the government and the SEC to be selective in the bailout plan.
SEC excluded Blackshield and three other firms from the list of those who will benefit from the package.
SEC said the decision has become necessary because the company in question are challenging the revocation of their licenses in court.
But reacting to this development, a statement issued by the Management of BlackShield stated that, “It is noteworthy, that the SEC, refused BlackShield’s application to cease executing the order of revocation pending the hearing of its complaint.”
“The SEC disregarded this application by BlackShield and proceeded to deal with the assets of BlackShield despite the hearing. It is therefore surprising that the SEC would use the pendency of the same matter as an excuse to perform a duty which BlackShield has always supported and encouraged the SEC to do.
“SEC has had full access to the client’s information at least on three different occasions between 2019 till date,” the statement noted.
“BlackShield is surprised by this allegation of SEC regarding access to information on customers of BlackShield for validation purposes. We are interested to know how the SEC determined what percentage of the portfolio was given to them.
“Using the total value of claims filed, which the SEC reported to be GHS 4.65 Billion (a number significantly higher than the actual portfolio), 3% amounts to GHS 139 Million. Is the SEC claiming that BlackShield submitted a document or documents showing a total SF portfolio of less than 140 Million” the statement added.
It further stated that “it is patently clear that, the SEC and its agents in its dealings with BlackShield have not been fair and candid with the customers of BlackShield who have had to bear the brunt of these actions.
“BlackShield reiterates its readiness to work with the SEC for the inclusion of its customers in the government bailout package notwithstanding its marked disagreements with the SEC in respect of their exercise of some of its powers under their laws.
“Consequently, customers should take note, that the SEC has always being in a position to perform their work in relation to customers of BlackShield and their failure to do so is not as a result of any act or omission by BlackShield but perhaps a sheer attempt to evade the assumption of the responsibilities for BlackShield clients who constitute over 80% of affected clients in the Fund Management industry.”
By Laud Nartey|3news.com|Ghana