Public Relations Officer (PRO) for the collapsed 53 investment firms, Charles Nyamah, has said the Security and Exchange Commission (SEC), is unwilling to pay locked up investments of clients.
According to him, claims by SEC that it is unable to pay monies due to customers of the 53 investments firms due to ongoing legal tussle between it and some fund managers as well as ‘limited’ access granted it to audit documents of customers of fund managers, are unnecessary excuses.
He was of the view that SEC is hiding behind such claims to avoid payments because the government doesn’t have the money to pay customers of the collapsed firms.
Speaking exclusively in an interview on Adom FM’s Dwaso Nsem morning show on Monday, Mr Nyamah said SEC in the early part of the year contracted Price Waterhouse Coopers (PwC) to conduct a forensic audit of all documents of the collapsed firms and so does not understand SEC’s assertion that it did not have full access to documents of customers.
Addressing the issue of claim validation, he noted that SEC as at June 2020, said it had validated 50 per cent of the 90,000 filed claims valued at Ghs 9.9 billion and that it would in the coming few months validate all remaining claims.
“This was in June, and in their (SEC) press release they stated that they had validated only 50,000 of the now over 98,000 claims valued at Ghs 10.3 billion,” he stated.
“SEC just doesn’t want to pay monies due customers and is using particularly the suit against it by Gold Coast Fund Managers now Blackshield Fund Management Ghana to avoid payments because, customers of the firm form 82 per cent of SEC’s validated claims,” he added.