Business

Registrar General begins 2nd round of investor engagements

The Registrar General will today commence engagements with another set of investors of defunct fund management firms.

The creditor meetings will afford the Registrar General an opportunity to review the concerns of these investors.

In concluding these engagements, Jemima Oware said it will afford the department an opportunity to kick start another payment process for customers of the remaining eight fund management firms.

“From the 25th to the 26th of November, I [Jemima Oware] will be holding creditor meetings and class meetings. The first, 25th, I will be holding creditor meetings for all the eight companies [defunct fund management firms]. I will schedule it like I did the last time. We start from 8:30, we roll it on to the end of the day.”

“Every company will have a slot, then the next day I [Jemima Oware] will do one virtual class meeting for all the investors and after that they will be able to join us for the bailout packages that government is offering through GCB capital. As long as you have the court order winding up, we will carry on with the process”, she pointed out.

Furthermore, Mrs Oware said “it’s unfortunate that they [eight recalcitrant fund management firms] are doing that because if you are able and capable of paying your investors then go ahead and pay them and that it won’t come before me. But the key thing is they are not able to pay their debt as it falls due, so that is why we are in court and you are supposed to pay your debt when it falls due”

The virtual investor meeting will bring together the number of liquidated fund management firms that the Registrar General has worked on to 28, out of the of 47 firms.

One of the firms that the Registrar Department will be engaging is Uni- Securities.

PwC issues ID numbers to customers of defunct fund management firms

Meanwhile, Joy Business is learning that accounting and auditing firm, PwC and Register General have started issuing ID numbers to some customers of defunct fund management firms.

These are customers that are expected to benefit from the government bailout programme.

Last week, the Securities and Exchange Commission announced that it has secured some GH¢1.4 billion from government for onward disbursement to the investors of defunct fund management firms that their liquidations are being contested by their shareholders in court.

The payment is expected to cover clients of Black Shield Fund Limited.

myjoyonline.com

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