Home Entertainment Menzgold are unable to be bundled in government’s bailout fund – SEC

Menzgold are unable to be bundled in government’s bailout fund – SEC


The Security and Exchange Commission (SEC) has turned down the Coalition of Aggrieved Clients of Menzgold Ghana’s (CACM) request to be bundled in government’s bailout bundle set up to fork out locked up funds of depositors of collapsed monetary firms.

In the reply dated September 9, the Commission emphatically mentions that members of the Coalition can’t be involved in the bailout fund because “the goal of the bailout is obviously outlined and does not include Menzgold customers”.

“The SEC is applying the bailout furnished for in the Mid-Calendar year Critique of the Spending budget Assertion and Economic Coverage of the Governing administration of Ghana and Supplementary Estimate for the 2020 Monetary Year. Part 239 of the Price range Statement accredited by the Parliament was quite specific” it reads.

The letter, which was assented to by the Director-Normal of the SEC, Reverend Daniel Ogbarmey Tetteh and dealt with to the Chairman of the Coalition, Mr Isaac Nyarko more clarifies that Menzgold was not an asset administration corporation underneath SEC’s modulation.

CACM referred to as on govt to incorporate them in the bailout fund when the SEC announced a 7 days back that shoppers of collapsed fund management organizations will get started obtaining their locked up cash prior to the close of the year.

According to the business regulator, the decision to spend these persons followed a aid granted by the Formal Liquidator, the Registrar Typical, to liquidate 22 fund administration organizations (FMC’s) whose licenses were revoked by the SEC in November 2019.

But the CACM states its associates have been subjected to “suffering and unbearable hardships” considering the fact that the company’s shut down in 2018.

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