The Securities and Exchange Commission (SEC) has said it is no position to inform investors and pensioners when they can claim their locked up investments from the 53 fund management firms whose licenses were revoked last year.
“We are having to follow through with some processes and it is only when we have been able to conclude on those processes that we would be able to make a definite statement,” as to ‘when’ investors can get their investments back, the Director-General of SEC, Daniel Ogbarmey Tetteh said on the Super Morning Show, Tuesday.
He acknowledged that people who have been affected by the Commission’s actions have been greatly impacted and lives have changed while their monies remain locked up.
“People have been greatly inconvenienced and we are very much aware. Our heart goes out to them. We totally understand and we want to say we are not oblivious.”
He revealed that there has been a hold up in the liquidation of assets because the assets, at the time of license revocation, were valued at ¢8 billion but claims to funds totalled ¢12.6 billion.
“Clearly there’s a huge disparity,” he said. “But with the ongoing validation the value of the claims has reduced to a little over ¢10 billion. So we are at the validation stage.”
“Covid-19 has caused some disruption for the most part of March, April, and even May. Activity was slowed down so the validation hasn’t been as fast as we would want it to be,” he added.
The Director-General added that government which has offered to help with some financial relief await the completion of the validation so that they too can do their part.
“We have been engaging the government and the government’s view has been to have an idea of the exact liability, which would come from the validated position. Because they would get more comfort to know that the claims have been validated.”
“We will be able to make some definite announcements in the coming weeks because we have been in talks with the government to understand what support they can give,” he reassured.