The Official Liquidator of the 53 defunct Fund Management Companies, Jemima Oware, will from September 7 meet all creditors of the companies as part of the liquidation process.
The meeting, scheduled for five days, would be held virtually.
A notice issued by the Official Liquidator in Accra on August 31, said, links to the meetings would be delivered to all creditors via text message.
The Securities and Exchange Commission (SEC), earlier announced that government, would soon roll out a bailout package for clients of the 53 defunct Fund Management Companies (FMCs).
The package would be in the form of social intervention similar to what was done for depositors of the failed Special Deposit-taking Institutions (SDIs) and Micro-finance Companies (MFIs).
The first phase would cover clients of the 22 companies currently under official liquidation per court orders, based on the validated clients.
“The official Liquidator will communicate details of the payment process to affected clients starting in September,” the SEC
The second phase would cover clients of the remaining companies after the liquidation orders are secured.
Despite the assurance, some members of Aggrieved Customers of the 53 FMCs besieged the Ministry of Finance on September 1 to protest over the exclusion of members of Blackshield Capital Limited from the government’s proposed bailout packages for customers of the defunct fund management companies.
The SEC, in response said, that no customer would be excluded from the government’s bailout package adding that “all affected clients that the Government bailout package is all-inclusive, provided claims have been validated and liquidation orders secured.”
Last year, the SEC, acting in accordance with section 122 (2) (b) of the Securities Industry Act 2016, (Act 929) revoked the licenses of 53 asset management companies.
Pursuant to applications by the Registrar of Companies, the High Court, Commercial Division ordered the official winding up of the affected companies and appointed the Registrar General as the official liquidator.
By Claude Nyarko Adams
