• About
  • Advertise
  • Privacy & Policy
  • Contact
Dofopa 105.1 FM
Advertisement
  • Home
  • Politics
  • Community Project
  • Editors Choice
  • Our Services
No Result
View All Result
  • Home
  • Politics
  • Community Project
  • Editors Choice
  • Our Services
No Result
View All Result
Dofopa 105.1 FM
No Result
View All Result
Home Editors Choice

Banking cleanup: All depositors will be paid – SEC Boss

swallow by swallow
October 8, 2020
in Editors Choice
0 0
0
Banking cleanup: All depositors will be paid – SEC Boss
128
VIEWS
Share on FacebookShare on Twitter
Listen Now

The Director-General of the Security and Exchange Commission (SEC), Reverend Daniel Ogbarmey Tetteh has assured that government will settle the claims of all affected depositors in the recent cleanup exercise of the financial investment sector.

According to him, out of the 53 affected firms, his outfit has been able to access fully the records of 40 and is working to access the records of a further 7 in order to take them through the liquidation process. He said so far, liquidation orders have been granted to 22 fund managers and processes are in place to pay depositors their investment.

“As at the end of July when the legal vacation kicked in, the court had granted the official liquidator 22 liquidation orders and we also had full access to the records of 40 out of 47 of the firms because three did not have any claims filed and we did say that there is a government bailout and it will be rolled out in phases. So the phase one will be the firms that the court had granted the liquidation order. Government bailout is for all affected investors and not for only those that liquidation orders have been granted at the time. So that clarity has to be there and it is just a question of time,” he said.

In November last year, the SEC revoked the licenses of 53 fund managers for failing to settle investors claims due to liquidity challenges while some were indicted for not operating in conformity with the industry’s best practices.

This followed discussions with government and subsequently the appointment of the Registrar General as official liquidator to see to it that depositors whose funds were locked up in the cleanup exercise were duly paid the money they invested in these fund managers.

However, speaking in an interview on Accra-based Mx24 TV, the SEC boss explained that the liquidation process so far has gone smoothly. He said the only hitch that has slowed the process is the legal vacation and once the courts resume, more liquidation orders will be granted.

“We have explained that the bailout is rolled out after two conditions are fulfilled. When your claims are validated and when the liquidation order has been granted. The legal vacation has been on and ended in October this week that is essential when the courts resumes. So we are expecting that we will be getting some more of the liquidation orders granted because they were at various stages before the legal vacation hit. So in terms of liquidation orders, there is nothing new that we can report as I speak,” he added.

Previous Post

Court Orders The Deletion Of Eight Names From Voters’ Register

Next Post

MPs Complain About Filing Of Nominations With Provisional Voters’ Register

swallow

swallow

Next Post
MPs Complain About Filing Of Nominations With Provisional Voters’ Register

MPs Complain About Filing Of Nominations With Provisional Voters’ Register

Please login to join discussion

Stay Connected test

  • 87.1k Followers
  • 23.8k Followers
  • 99 Subscribers
Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Nadia Buari breaks the internet with video of her cute daughter

Nadia Buari breaks the internet with video of her cute daughter

August 26, 2020
Ghana Nsem

Dofopa Fm Kick Off with Morning Show On Monday 17th August

August 15, 2020
Two KNUST SHS teachers interdicted over death of student

Two KNUST SHS teachers interdicted over death of student

July 9, 2020
Bishop Dr. Charles Agyinasare

Pastors and Couples Should be Humble – Bishop Dr. Charles Agyinasare

August 31, 2020
Family reunites with 20-year-old son who went missing at age 2

Family reunites with 20-year-old son who went missing at age 2

0

0
We’re working to prevent overcrowding at registration centres – EC

We’re working to prevent overcrowding at registration centres – EC

0
COVID-19: Stranded Ghanaians in India lament high quarantine fee

COVID-19: Stranded Ghanaians in India lament high quarantine fee

0
Massive reaction as nigerian actress,Rita Dominic gets engaged at age 46

Massive reaction as nigerian actress,Rita Dominic gets engaged at age 46

July 30, 2022
Nii Odartey Lamptey

No man must go through this suffering -Enstranged Odartey Lamptey recounts marital ordeal with Ex-wife

July 30, 2022
Gospel Singer,Brother Sammy apologizes over s*x comment he made concerning wife,marriage

Gospel Singer,Brother Sammy apologizes over s*x comment he made concerning wife,marriage

July 30, 2022
South Africa withdraws all COVID-19 restrictions

South Africa withdraws all COVID-19 restrictions

July 30, 2022

Recent News

Massive reaction as nigerian actress,Rita Dominic gets engaged at age 46

Massive reaction as nigerian actress,Rita Dominic gets engaged at age 46

July 30, 2022
Nii Odartey Lamptey

No man must go through this suffering -Enstranged Odartey Lamptey recounts marital ordeal with Ex-wife

July 30, 2022
Gospel Singer,Brother Sammy apologizes over s*x comment he made concerning wife,marriage

Gospel Singer,Brother Sammy apologizes over s*x comment he made concerning wife,marriage

July 30, 2022
South Africa withdraws all COVID-19 restrictions

South Africa withdraws all COVID-19 restrictions

July 30, 2022
Dofopa 105.1 FM

© 2022 Dofopa 105.1 FM - All Rights Reserved. Unitywebsoft.

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Home
  • Politics
  • Community Project
  • Editors Choice
  • Our Services

© 2022 Dofopa 105.1 FM - All Rights Reserved. Unitywebsoft.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist