SEC apologizes to customers over validation challenges, confirms issue has been resolved

The Commission attributed the issue to logistical challenges

The Securities and Exchange Commission (SEC) has apologized to customers of some defunct fund management companies over issues regarding their inability to do their validation of claims.

Customers of the defunct fund management companies who visited various validation centers in Kumasi in the Ashanti Region, for instance, were left stranded as no official from the SEC attended to them.

The Deputy Director-General for the SEC, Paul Ababio speaking to Citi FM apologized on behalf of the entity and said the issue has been resolved and customers could today do the validation.

“We had expected to have our agents on site for people to bring their investments and for forms to be available to fill. Unfortunately, we had some logistical challenges and there was some communication through the branches that there were delays but later we got Central Region, Volta Region, and Eastern Region coming online.”

“Takoradi and Tarkwa will also be available from Wednesday morning. We had a challenge getting our people to Ashanti and Northern Region but Ashanti from Wednesday will also be online. Upper East and Upper West will also be in a position to receive some of these validations. Unreservedly we apologize for the delay and the inconvenience which was also caused. These were logistical challenges and we have resolved them,” Mr. Ababio explained.

November 18, 2019 was the date set by SEC as the start date for the affected customers of closed down fund management companies to begin processes that will lead to capped payments.

“Even the CBG doesn’t know what is going on. They just told us to wait but the validators will come but to no avail. So for now, we are awaiting the SEC officials”, a frustrated customer lamented.

Revocation and validation Weeks ago, the Securities and Exchange Commission (SEC) revoked the licenses of 53 Fund Management Companies.

On the back of this, SEC selected branches of Consolidated Bank of Ghana Limited (CBG) to receive claims from clients who have their funds locked up at the affected companies.

The banks were tasked to accept relevant documents for the validation of the investment claims.

According to SEC, the said branches serving as agents were authorized “to ascertain and validate details of investors and their investments with these institutions at the time of the revocation to facilitate the administration of the Government pay-out of a capped amount to affected investors.”

Meanwhile, the Securities and Exchange Commission has advised customers not to engage in panic withdrawals but rather educate themselves and do the needful.


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