Liquidation of 53 fund management companies whose licences have been revoked by the Securities and Exchange Commission, SEC could be completed within a year.
According to the liquidator, Registrar General Jemima Oware, without any challenges from the companies, liquidation could be completed within a year.
Speaking to Joy FM, Jemima Oware said most often legal issues come up dragging the process of liquidation.
"Sometimes legal challenges come up, if it was just a simple no legal issue we could talk of maybe a year because I had some official liquidations that did not go beyond six months, sometimes legal issues come up and you know with the law court it's not that simple when that happens going through the various technicalities it could drag the process.."
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Gov't provides GHS1.5bn as partial support for customers
Government of Ghana has provided about 1.5 billion Cedis as partial support for clients of 53 collapsed fund management companies.
An accounting firm, Price Waterhouse coopers which has been appointed by the Registrar General is expected to act as the receiver to help validate claims from the investors.
After the validation, the receiver will then commence part payment of clients of these firms.
Each investor will be paid 20,000 Ghana Cedis and the rest of their investments will be paid later based on what the liquidator secured from the assets of the firms.
READ ALSO : Collapsed Fund Management Companies : No need for panic withdrawals – SEC advises Customers
SEC after the revocation of the licences disclosed that about ¢8b investments of 81,700 clients, made up of 44,000 institutional customers and 7,700 retail customers are involved.
Validation of claims of customers for the collapsed fund management companies is expected to begin this week.
Deputy Director-General for the Securities and Exchange Commission, Paul Ababio made this known in a radio interview.
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