The announcement was made by the Securities and Exchange Commission (SEC) to extend the bailout program for investors impacted by the 2019 revocation of fund management licenses by GHʼ 1.5 billion.
This action is the result of government clearance via the Ministry of Finance.
The GH̼1.5 billion will be paid out in three installments: GH̼700 million in August 2024, GH̼400 million in October 2024, and GH̼400 million in December 2024.
This most recent release supplements the GHŖ 4.46 billion that was previously disbursed to impacted investors whose claims were evaluated; this has covered 84,202 investor claims to date. 69,445 investors, or almost 82% of these claims, have had their cases fully resolved.
According to the SEC, the decision to extend the bailout was motivated by humanitarian concerns and is intended to give investors affected by the revocation financial relief. These investors include those connected to Blackshield Capital Management Limited (formerly Gold Coast Fund Management Limited) and Kron Capital Limited.
The current tranche is expected to increase the predicted percentage of fully settled investors to roughly 91%, giving investors the greater of GH₵50,000 or 15% of their outstanding claims from the deceased enterprises.
The Amalgamated Mutual Fund (AM Fund), overseen by GCB Capital Ltd., will handle the bailout.
As a result, AM Fund managers have scheduled a meeting for the next few days to provide investors with guidance on how to access the funds and go over the possibility of leaving claims inside the AM Fund for ongoing management.
Source: newsthemegh.com