September 19, 2020

Registrar-General to meet creditors of defunct fund managers via virtual meeting

The Registrar-General and official Liquidator for the collapsed Fund Management Companies (FMCs) is set to hold virtual meetings with creditors of the collapsed institutions.

The meetings will be held from Monday, September 7 to Friday, September 11, 2020.

It will include customers of 20 out of 53 defunct fund management companies whose licenses were revoked by the Securities and Exchange Commission (SEC) in November 2019.

The 20 companies comprise of firms who will soon be liquidated by the Registrar General.

On the Citi Breakfast Show on Friday, September 4, the Liquidator, Jemima Oware, said: “We’re going to have, for the first time, a virtual creditors meeting. We will be using Zoom. We have been sending out the links to these people because we’ve scheduled the meeting from 7th to 11th September and every company has a slot from 9 am to 11 am.”

Mrs. Oware added that those who have not received the links through text messages are being encouraged to call 0244369143 to have their contact details rectified to receive an invitation to the meeting.

Below is the schedule for the meeting:

Following a High Court order for the formal winding up of some defunct fund management companies, the Registrar-General for the collapsed companies has begun official processes to liquidate 20 firms.

The firms include; Alpha Cap Securities Limited, Alltime Capital Limited, Axe Capital Limited, Brooks Asset Management Limited, CDH Asset Management Limited (Intermarket), Fromfrom Capital Limited, Galaxy Capital Limited, Lifeline Asset Management Limited (Kamaag), Mak Asset Management Limited, Man Capital Limited, Mec-Ellis Investment (Ghana) Limited, Mutual Integrity Limited, Nesst Capital Limited, Nickel Keynesbury Limited, Nordea Capital Limited, Sirius Capital Limited, Standard Securities Limited, Supreme Trust Capital Limited, Tikowrie Capital Limited, and Weston Capital Management Limited.

Two other FMCs, QFS Securities Limited and Ultimate Trust Limited are yet to have their liquidation orders gazetted for further action to bring the total number of companies to be liquidated to 22.

Jemima Oware, on the show, explained what went into the liquidation of the 20 companies.

“We petitioned the Judicial Service and luckily, they gave us a dedicated court and a Court of Appeal Judge to consider all 53 petitions and that is what helped us. That is how we came far to get 22 winding orders. But why we are dealing with 20 is because, with the process of liquidation, you have to gazette the orders when you receive them. So for now, I have been able to receive 20 from the court that have been drawn up and signed. So that is what we are going to start with.”

Meanwhile, she has pledged that payments to customers in the first phase will commence before the end of September 2020.


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Source: Business