fund managers – Adomonline.com https://www.adomonline.com Your comprehensive news portal Fri, 13 Sep 2024 14:20:21 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://www.adomonline.com/wp-content/uploads/2019/03/cropped-Adomonline140-32x32.png fund managers – Adomonline.com https://www.adomonline.com 32 32 Fund Managers to be engaged as GH₵700m of GH₵1.5bn bailout is set for release https://www.adomonline.com/fund-managers-to-be-engaged-as-gh%e2%82%b5700m-of-gh%e2%82%b51-5bn-bailout-is-set-for-release/ Fri, 13 Sep 2024 14:20:21 +0000 https://www.adomonline.com/?p=2448621 Heads of defunct fund management firms are being called to meetings in the coming days to discuss the distribution of an initial GH₵700 million from the government’s GH₵1.5 billion bailout package.

This funding is part of a GH₵9 billion allocation intended to support collapsed institutions and individuals affected by the banking sector cleanup.

Director General of the Securities and Exchange Commission (SEC), Rev Daniel Ogbamey Tetteh, reported that over GH₵4 billion has already been disbursed to claimants.

Speaking to JoyNews on PM Express, he clarified, “The GH₵4.46 billion released includes payments to all validated claimants—individuals, institutions, churches, hospitals, and schools. The funds have been distributed in the form of bonds, allowing people to access their money.”

Rev Tetteh explained that the GH₵700 million will be placed into a management fund for distribution.

Managers of this fund will soon meet with the heads of the collapsed firms to outline the terms, processes, and timelines for accessing these funds.

He added, “The GH₵1.5 billion will be released in three phases: GH₵700 million, GH₵400 million, and another GH₵400 million. It’s important to note that the funds do not go directly to the SEC.

“Instead, they are managed by a special purpose vehicle called the Ghana Amalgamated Fund. This fund handles all bailout payments, and investors must sign up for the government bailout before becoming clients of the AM Fund. The fund will then manage payments based on investor requests.”

Rev Tetteh also mentioned that the Fund managers will soon hold meetings to further explain the process to investors.

In related news, customers of the defunct gold dealership Menzgold continue to face difficulties.

The President of the Menzgold Customers Association Fred Forson, reported that over 200 members have died due to their inability to access their funds.

In an interview on The Pulse with Elton Brobbey, Mr Forson said, “Our money retrieval remains unresolved, and the situation is deteriorating.

“We have recorded at least 226 deaths in the past six years, including five suicides. Some individuals are now homeless due to mental health issues.

“The situation is dire, and we hope the President will take action to assist us.”

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Some fund managers owe SSNIT ¢483.3m – Auditor General Report https://www.adomonline.com/some-fund-managers-owe-ssnit-%c2%a2483-3m-auditor-general-report/ Thu, 03 Aug 2023 07:33:00 +0000 https://www.adomonline.com/?p=2279862
Some fund managers owed the Social Security and National Insurance Trust (SSNIT) ¢483.365 million as of the beginning of 2021, the 2022 Auditor-General Report has indicated.

However, only ¢6.076 million was received by SSNIT in 2021 leaving an amount of ¢477.288 million yet to be recovered from the fund managers.

The Auditor-General is therefore recommending that management of SSNIT liaise with National Pensions Regulatory Authority (NPRA) to commit the fund managers to duly remit the unpaid balance without further delay.

Management also responded that the advance mobilisation amount for Antgya Ghana Limited is yet to be fully recovered and remains in full effect until SSNIT receives full repayment of the amount from Antgya Ghana Ltd.

“Management has noted the audit recommendation and will ensure that subsequent advance mobilisations paid to contractors do not exceed the 15% of the contract sum threshold”.

The report also noted that SSNIT’s Short-Term Treasury Sub-Asset Portfolio has the potential to enhance the liquidity position of the Trust.

However, investment in the Short-Term Treasury Portfolio has not been encouraging with the Trust missing its investment target of 6% in recent times.

Analysis of investment allocations to the Short-Term Treasury for five years showed that while the Trust’s Total Investment Portfolio showed an upward trend, allocations to the Treasury Sub-Asset Portfolio have relatively been declining.

The Auditor-General recommended to management to increase the investment outlay in the Treasury Sub-Asset Portfolio to increase its liquidity reserve to support the Trust.

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Clients of collapsed fund managers arrested for picketing at Finance Ministry https://www.adomonline.com/clients-of-collapsed-fund-managers-arrested-for-picketing-at-finance-ministry/ Tue, 01 Sep 2020 20:46:52 +0000 https://www.adomonline.com/?p=1848457 The spokesperson of the Coalition of Aggrieved Customers of the 53 Collapsed Fund Management Companies, Charles Nyame and one other person have been arrested for unlawful picketing.

Members of the coalition besieged the premises of the Ministry of Finance on Tuesday, September 1, 2020, to stage a protest in connection with their locked-up funds.

Mr Nyame, who was handcuffed and put into the bucket of a pickup truck along with the other suspect, yelled to the media: “I am being arrested because we are making noise about our monies, we are not cocaine dealers for the government to confiscate our funds for over two years.

“What is the government doing? Are we cocaine dealers? Are we money launderers? Are we slaves in our country? We are not afraid; they should kill us; we are ready to die.

“I am being molested by the police, they slapped me because I am protesting for my money,” he shouted.

The protest comes a day after the coalition described as “misleading” and “deceptive”, the reasons given by the Securities and Exchange Commission (SEC) for excluding them from the bailout package being accorded customers of the collapsed fund managers.

SEC had said because BlackShield (formerly Gold Coast Fund Management) was challenging the revocation of its licence in court, its customers cannot be beneficiaries of the bailout.

However, speaking to journalists at a press conference in Accra, Mr Nyame said: “We consider the reasons given by the SEC as misleading and deceptive.

“The government also issued a bailout to other customers of companies that are also in court to contest their revocation.

“It is, therefore, questionable how the government and SEC decided to apply the rules differently.

“The actions by the government and SEC are mischievous and dishonest, especially when the government is aware that the court is on legal vacation.

“We hereby call on the government to rethink and include all BlackShield customers in the bailout package since advancing the bailout package does not amount to any interference in the court process,” he noted.

Meanwhile, the management of BlackShield Company Limited has denied claims by SEC that the company has not submitted verified data on its clients to enable them benefit from the government’s bailout package for customers of the now-defunct firms.

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