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The Security and Exchange Commission (SEC) says that so far it has received a total of 98,820 claims valued at ¢ 10.83 billion.
It says that of the 50 companies whose licenses remain revoked, three had no claims filed against them, leaving 47 companies that affected customers filed claims against.
Like last Thursday, the SEC said it had full access to the records of 40 of the collapsed companies, partial access to one company, and no access to the remaining six companies.
“The validation of the claims submitted by the clients of the 40 companies where we have full access to their records has been completed,” the Commission said in a statement Friday.
With respect to Blackshield Capital Management Limited, formerly Gold Coast Fund Management Limited, the Commission said it had partial access to the records as the company provided Excel data representing around 3% of the claims submitted by its clients.
“Blackshield Capital Management Limited initially did not help locate the server for the validation of the remaining 97% of the claims until law enforcement intervention; validation is in progress.
“The claims filed against Blackshield Capital Management Limited totaled 82,204 and valued at ¢ 4.65 billion,” he said.
The six companies that the SEC does not have access to its records include Firstbanc Financial Services, Kripa Capital, EM Capital, Omega Capital, Nickel Keynesbury, and Heritage Securities (Future PIP Management Ltd.).
“The validation of the claims about Firstbanc Financial Services Limited has not yet begun due to its initial lack of cooperation with the SEC and the filing of a pending appeal request for an injunction in Superior Court.
“The claims filed against Firstbanc Financial Services Limited were 423 valued at ¢ 800 million. We are in the process of troubleshooting to have full access to the records of the remaining five firms. The claims filed against these five firms are 489 valued at ¢ 87 million, ”said the Commission.
The Securities and Exchange Commission is expected to start paying for blocked investments from September this year.
This, however, will cover 22 companies that have been able to validate their depositors’ claims.
