The Deputy Director-General of the Securities and Exchanges Commission (SEC) has attributed the delay in the payment claims of some aggrieved customers of collapsed fifty-three fund managers to a pending court case and an ongoing validation process.
Paul Ababio comments come after the angry customers at a press briefing on Monday demanded an immediate inclusion of their claims in the bailout package for affected customers.
According to them, SEC’s claims that documents are not showing their investment are not available is inaccurate.
But in an interview on News Desk on Tuesday, Mr Ababio said the financial institutions have not been forthcoming with providing SEC with their database that is why the issue has been sent to court.
He added that hopefully when all is resolved unpaid customers will receive their funds, therefore, urged the customers to remain calm.
“The database is what highlights the importance of what we are doing [because] we cannot just say that since we have received a claim that is it, we have to verify those claims.
“There might be some confusion because receiving claim is not the same as validation. Validation requires that you look at the database which is the actual records and try and do some reconciliation and when there are differences you call people to confirm and explain some of the differences we see, he said.