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The Menzgold Coalition of Aggrieved Clients requests an inclusion in the disbursement of the government bailout package for depositors of collapsed financial institutions.
Clients say it is only appropriate if they become beneficiaries of the fund, as they are under the jurisdiction of the Securities and Exchange Commission (SEC).
“We write on behalf of the members of the Coalition of Aggrieved Clients to request that the clients of Memnzgold Company Limited be part of the beneficiaries of the rescue fund for depositors of institutions collapsed by the Security and Exchange Commission (SEC)”, indicated the Menzgold customers. in a sentence.
They argue that the government’s failure to pay the locked up cash has brought them intolerable hardships that have resulted in the deaths of more than 67 people, leaving many others with various health problems, while many others remain bedridden. bed.
Following an order from the SEC to suspend aspects of its operations in 2018, Menzgold has been struggling ever since to pay its clients their money.
The SEC later announced the revocation of the licenses of 53 fund management companies.
The estimated cost of the state’s fiscal intervention, excluding interest payments to depositors, from 2017 to 2019 was set at GHS 16.4 billion.
The commission recently revealed that the government is ready to announce a rescue package for the clients of the 53 defunct fund management companies (FMCs).
However, the package will be delivered in phases and the first phase will cover the clients of the twenty-two (22) companies currently in official liquidation.
The SEC has also ensured that no clients will be barred from the government bailout package for people whose funds have been locked in the 53 missing fund management companies since November 2019.
There are selected branches of Consolidated Bank of Ghana Limited (CBG) to receive complaints from clients who have their funds blocked at the affected companies.
The banks were tasked with accepting the relevant documents for the validation of investment rights.
— citinewsroom
