The Security and Exchange Commission (SEC) says it will pursue the interest of licensed asset management firms with legally proven locked up funds in some microfinance and savings and loans firms, which have run into financial difficulty.
The Director-General of the SEC, Daniel Ogbarmey Tetteh, said the situation of counterparty default risk had impaired the liquidity assets of some fund managers.
Rev Obgarmey Tetteh was speaking in a media interview about fund managers, such as Gold Coast, who are facing liquidity challenges and have blamed the situation on counterparty default.
“The BoG and Ministry of Finance have given some indication that they’ll be having some kind of intervention for the distressed microfinance, savings and loans like they did for the banks,” he explained.
“The SEC has started engaging with the Ministry and BOG in this process so we can assist our licensed operators who have been affected by counterparty defaults to redeem their locked-up funds.
“Provided our licensed operators, who are exposed to these distressed companies provide solid evidence, submit all documents and can ascertain their claims, when the bailout occurs, they’ll definitely be paid their money,” he added.
Such fund managers, he explained, were unable to readily redeem their investments from these ailing firms; hence they faced a problem of cash flow, which was hindering their inability to meet the payment obligation of their clients.
Latest Stories
-
Lekzy Decomic, Clemento Suarez, OB Amponsah, others honoured at Ghana Comedy Awards
11 mins -
Harvey Weinstein’s 2020 rape conviction overturned
24 mins -
Late government payments crippling SSNIT – ILO
29 mins -
Experts to shape more equitable digital future at DRIF 24
33 mins -
Bright Simons: Ghana’s billion-dollar ‘Timber Merchant’ deal to protect taxes
51 mins -
Ashanti Regional Minister defends arrest of ECG boss, rejects calls for apology
55 mins -
Cash Waterfall Mechanism report shows significant non-compliance with formula for revenue allocation – Report
1 hour -
Prison officer injured in clash with soldiers in Bawku
1 hour -
SSNIT reserves projected to hit zero in 12 years – ILO
1 hour -
Prestigious Nigerian school closed over bullying reports
1 hour -
Funny Face failed to perform at my show after taking money – Parrot Mouth
1 hour -
CAFCC: Sports Minister to offer Dreams FC a ‘surprise’ package before Zamalek clash
2 hours -
CAF awards 3-0 win to RS Berkane, after Algerian customs confiscated their kits
2 hours -
AgriTech challenge pro holds first pitch
2 hours -
UNIDO commits to improving local rice standards
2 hours