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SEC begins processing over 10,000 customers of liquidated fund management firms

The Securities and Exchange Commission has begun processing documents of over 10,000 customers expected to benefit from the government bailout programme.

To this end, a large number of affected clients have been sent SMS messages containing the value of their validated claims with outstanding customers to be covered shortly.

Interested claimants have therefore been urged to follow THREE simple steps to access the partial bailout in cash.

In a statement, SEC said the partial cash bailout which involves a payment of up to ¢50,000 will cover all clients of the remaining affected Fund Management Companies including customers of Gold Coast Fund Management Limited (now Blackshield Fund Management Company Limited). In the end, the partial bailout being offered would result in 89% of individuals and 82% of pensioners being fully covered.

“Validated claims in excess of this partial cash payout amount shall be covered after the liquidation proceedings in Court, in line with the terms being applied under the bailout package for the clients of the Fund Management Companies currently undergoing liquidation proceedings”, the statement pointed out.

SEC further said the over 10,000 clients who have already completed step one will be contacted shortly to complete the last two steps to access their payment of up to ¢50,000 conveniently. Clients with validated claims in excess of ¢50,000 have also been urged to wait for the conclusion of the liquidation processes in court to access the full bailout package.

SEC added that the partial bailout of ¢50,000 would be paid as cash into the bank accounts that would be opened at GCB Bank for each client.

Clients would therefore be able to withdraw cash as soon as their accounts are activated as outlined.

The securities regulators therefore, appealed to all affected clients who opt for the partial bailout package to patiently follow through with all the processes and rely only on information provided by the SEC on the process.

Clients who are yet to receive their Claim IDs are also advised not to panic as the SMS is being dispatched in batches.

SEC concluded saying government is committed to following through with its bailout package for all validated claims.

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