Over 20,000 customers of defunct First Fund demand GH¢170 million locked up cash

Concerned Customers of First Fund (CCFF) have appealed to the Securities and Exchange Commission (SEC) to assist them to retrieve their locked-up funds of about GH¢170 million from TTL Capital.

The group, with a client base of over 20,000, is urging SEC to compel the fund managers of TTL Capital to operationalise the fund and start redemption to shareholders with a minimum of 60 percent of shareholders’ fund.

Mr Stanley Mawudeka, coordinator and shareholder of CCFF, speaking on behalf of the group, appealed to SEC to dissolve the board of First Fund and reconstitute an interim board to steer the affairs of the board.

“We want SEC to appoint new fund managers capable of running the affairs of the fund, who will have no dealings nor owe any allegiances to any member of the board whatsoever,” he said.

Mr Mawudeka said in January 2020, SEC informed the investors of mutual funds and the public whose fund management company licenses had been revoked of the appointment of new fund management by their respective boards.

He said after the circular, directors of six mutual funds, including First Fund, notified SEC of the appointment of new managers for TTL Capital.

Mr Mawudeka noted that after the appointment of TTL investors, they never had any feedback until September when a notification of an emergency general meeting to be held on September 30, 2020 was circulated.

He said at the meeting, investors did not reach an agreement with the board, saying, “The board did not provide any document for their study and decisions to be made. So the meeting was adjourned to a later date”.

Mr Mawudeka mentioned that they wrote to the board of directors through the fund manager requesting for a recall of the meeting, but they were unsuccessful.

“We need information on the status of the fund, including the performance of the fund and status of reconciliation, which we understand has been ongoing since March 2020.”

Mr Mawudeka said till date neither management nor the board had communicated the date for the next meeting nor the reasons for previous meeting postponements.

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