The Securities and Exchange Commission is warning investors to desist from engaging PBAY Limited, which is purporting to facilitate the payment of locked-up funds of customers’ of defunct fund management firms in return for fees or a commission.
The securities regulator in a statement said it has neither nor the Official Liquidator [Registrar General] authorized the actions of PBAY Limited.
“The SEC by this notice wishes to warn the general public and advise investors to submit their claims and supporting documentation only to publicly announced and designated persons in accordance with statutory notices issued or published by the Official Liquidator or the Securities and Exchange Commission. Anyone who disregards this warning does so
at his or her own risk.”
Furthermore, the SEC said in reference to the government’s bailout programme, it is reminding the general public and affected investors that the agreement reached with government was for the bailout to be effected only after validation of claims and liquidation orders are secured from the Courts of the Republic of Ghana.
The first phase [payment] currently underway covers clients of the 23 companies currently under official liquidation, based on their validated claims.
The second phase will cover clients of the remaining companies after the liquidation orders are secured through a transparent court process which is currently ongoing.
The SEC said there is therefore no need to contract financial advisors or facilitators to expedite anyone’s legitimate claims.
Additionally, the general public and investors are to note that no facilitation fee is required of investors who sign up for the Government Bailout package.
It advised the public and affected investors to be proactively updated on the progress of the
process through the appropriate channels, including media and the website of the
Requests for information relating to the bailout, can also be made by calling the dedicated bailout call center number on 0242-439453 or visiting www.bailout.rgd.gov.gh for updates on the bailout situation.