[ad_1]
A section of the aggrieved clients in the press conference. Photos: NII MARTEY M. BOTCHWAY
Members of the Ingrained Clients Coalition of the collapsed 50 Fund Management Companies (FMC) have described the basis on which the Securities and Exchange Commission (SEC) excluded Blackshield Capital Limited (formerly Gold Coast Management Fund) of the government rescue package predicted as false and inaccurate.
The group insists that, contrary to the SEC’s assertions, the SEC had full access to the information necessary about the defunct company to include its clients in the rescue package.
“We view the reason cited by the SEC for excluding GCFM clients from the payment package as a deliberate tactic by the government to divert the attention of the unsuspecting public by neglecting its responsibility to innocent Ghanaian clients who have been victims of mishandling government of the financial sector clean-up exercise that started, ”said the group’s Public Relations Officer, Mr. Charles Nyame, at a press conference in Accra yesterday.
SEC position
The SEC, in a press release dated August 28 this year, initially said that it had access to only three percent of Blackshield Capital’s customer data, claiming that the company only provided Excel data representing around the three percent of the claims submitted by your clientele.
“Blackshield Capital did not initially help locate the server for validation of the remaining 97 percent of claims until law enforcement intervention; validation is ongoing, ”he said.
According to the SEC, until last Wednesday, August 26 of this year, 98,820 claims had been received, valued at GH ¢ 10.83 billion, against 47 of the companies, the remaining three being without claims against them.
The claims include GH ¢ 4.65 billion filed against Blackshield Capital by 82,204 clients, representing 42.93 percent of the total value of claims and 83.18 percent of clients.
Access to customer information
However, Mr. Nyame said that a rejoinder issued by Blackshield on August 30 of this year indicated that the SEC had full access to its clients’ information on three different occasions.
He indicated that the first time was during the forensic audit he commissioned in 2019, during which the company’s management gave PricewaterhouseCoopers (PwC) Ghana access to all of its books and customer information.
The second time was before Blackshield’s license revocation when it made a proposal for alternative products for its clients, which was rejected by the SEC, he said.
“The third was when the SEC took control of all the Blackshield offices, whose control it still has to date, since the revocation of Blackshield’s license,” he added.
Mr. Nyame, therefore, highlighted that the SEC’s assertion that Blackshield had presented data capable of verifying only three percent of the claims submitted by clients was “an outright falsehood that he intended to blame on the company of your disability. “
Approximately 82,204 clients have filed claims valued at GH ¢ 4.65 billion against Blackshield, representing 42.93% of the total value of claims against 47 FMC and 83.18% of all clients who file claims.
Misleading SEC statement on Blackshield – Groupe Nduom
Defiance in court
At yesterday’s press conference, Mr. Nyame also refuted the SEC’s claim that Blackshield was in court challenging the revocation and thus making it difficult for the Registrar General, the official liquidator, to obtain a liquidation order. .
“We consider this reason to be very misleading and misleading, especially when we know that some banks and savings and credit companies were in court, but their clients were paid their money when the government issued a bailout for clients in that sector.” , he emphasized. .
The PRO said it was, therefore, “inconceivable how the government and the SEC could decide to apply the rules differently in our case.”
The decision by the government and the SEC, he said, was malicious, especially when the government knew that the courts were on legal vacation and would only resume in November of this year.
Reconsider the decision
“We hereby ask the government and the SEC to reconsider their decision and include Blackshield clients in the rescue package, as advancing a rescue would not amount to interference in the judicial process between the regulator and Blackshield,” he emphasized .
Threat
Nyame said that to keep pushing his request, coalition members would embark on a mass rally this month and would also vote against the New Patriotic Party (NPP) if they were not considered for payment.
“If the government led by Nana Akufo-Addo really cares about the suffering of the customers, then it should take steps to fix the situation before September, otherwise we will embark on a massive demonstration in September,” he said, noting that the coalition was already in talks with the security services for that planned action.
“We are fed up with the devious acts of the government in its attempt to withhold payment. We are dying and we want our money to be paid as soon as possible, otherwise we will vote against President Akufo-Addo in the next elections in 2020, ”he added.
[ad_2]
