Ghana

Registrar General awaiting court orders to continue bailout payment for defunct FMCs

Business News of Wednesday, 3 March 2021

Source: www.ghanaweb.com

Madam Jemima Oware, Registrar General Madam Jemima Oware, Registrar General

Madam Jemima Oware, the Registrar General has revealed her office is awaiting orders from the court before making further payment to customers of defunct fund management companies (FMCs).

According to her, these court orders form part of the liquidation process for the defunct companies.

GhanaWeb monitored an interview she granted to Citi Business News, in which Madam Oware stated: “For our end, we have finished our bit of class and creditor meetings, which was done at the end of last year. This year, we haven’t held any yet. I am waiting for a few more orders from the court. Once I get that, then I’ll have another round of creditor and class meetings.”

“But the government gave out a partial bailout package to all those companies that have not as yet received orders to wind them up. At least they’ve gotten a partial bailout of GH¢50,000. That is currently ongoing. That is why there is a bit of calm on that front. But I’ll definitely be having a round of meetings again.”

Madam Oware added that her outfit upon the court orders will make a determination of their next line of action, which will include the holding of further creditor deliberations.

In November last year, the Securities Exchange Commission (SEC) declared that government had granted authorization for a partial payment structure to remaining customers amounting to GH¢50,000.

SEC through a statement explained that the modalities for payment would be done while the court processes for liquidation continue. Government on its part indicated the payment would be facilitated through the Amalgamated Mutual Fund PLC under a partial bail out scheme.

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