SEC validation exercise to pay investors ‘biggest lie of the century’ – Adongo

A Member of Parliament’s Finance Committee, Isaac Adongo, has questioned the Securities and Exchanges Commission’s mandate to ask affected customers of closed down fund management companies to partake in a validation exercise to claim part of their locked-up funds.

Mr. Adongo argues that SEC’s mandate ends after the revocation of the licenses of the fund management companies.

Speaking at a public forum on the 2020 budget, the Bolgatanga Central MP said there is no money to pay the affected investors.

After revoking the licenses, they then set out to do a PR job. They informed everybody that after they had revoked the license, they can go to the CBG branches to fill the forms and collect their monies. That is the biggest lie of the century. Lawyers will tell you that six hours after the licenses have been revoked, it ends there and they only report it to the Registrar General to undertake the rest of the processes for the court to appoint an official liquidator. So they can’t even access the system let alone validate anybody to pay their claims.”

SEC says they are apologizing. They are not apologizing; they are just buying time because there is no money”, he added.

Many investors of the collapsed fund management companies are this week going through a process to validate their documents to enable them to receive part payment as directed SEC.

However, some customers in the Northern Region have been left stranded three consecutive days at the Consolidated Bank branch in Tamale as no SEC official was present.

SEC had explained on Tuesday that the two-days delay was caused by logistical constraints, and that validation was to start nationwide on Wednesday.

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