The Securities and Exchange Commission (SEC) is expected to commence payment of locked-up investments from September this year.

This will, however, cover 22 firms that it has been able to validate claims of its depositors.

This was contained in an official release from the Commission on work done so far to honour these payments.

“Out of the 50 companies whose licences remain revoked, three did not have any claims filed against them, leaving 47 companies against whom claims were filed by affected clients.

“As at 26th August 2020, a total of 98,820 claims valued at ¢10.83 billion have been received. The Commission has full access to the records of forty 40 of these companies, partial access to one company and no access to the remaining six companies,” it said.

It added that validation of the claims filed by the clients of the 40 collapsed financial institutions “where we have full access to their records has been completed.”

The Commission said it had partial access to records from Blackshield Capital Management Limited (formerly Gold Coast Fund Management Limited) as the company provided Excel data representing about 3% of claims filed by their clients.

It explained that Blackshield Capital Management Limited initially failed to assist in locating the server for validation of the remaining 97% of claims until the intervention of law enforcement agencies.

Validation is for the rest of the customers is ongoing, the Commission disclosed.

The claims filed against Blackshield Capital Management Limited totalled 82,204 and valued at ¢4.65 billion.