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Government to partially bailout clients of fund managers while litigation continue

Securities and Exchange Commission (SEC), acting within its mandate of protecting investors and the integrity of the market, wishes to announce the outcome of its deliberations with Government regarding an agreed social and humanitarian intervention for all remaining customers of the failed Fund Management Companies.

The Commission hereby announces that Government has authorized a partial bailout which involves a partial payment of up to Fifty Thousand Ghana Cedis (GHS50,000) to all customers of the remaining affected Fund Management Companies while the court process on the liquidation petition and other matters continue.

The decision to make this partial payment is predicated on the Government’s commitment to protecting its citizenry and its sensitivity to the plight of affected clients compounded by the disruptive impact of the Covid-19 pandemic. Furthermore, this intervention has become necessary at this stage because liquidation petitions for the remaining affected Fund Management Companies are currently at different stages. In addition, some affected Fund Management Companies like Gold Coast Fund Management Limited (now Blackshield Fund Management Company Limited) are contesting the liquidation petition and as a result, have filed a Stay of Proceedings until its application for judicial review of the decision of the Administrative Hearings Committee has been heard. There is the possibility for these legal processes to take some time and, therefore, extend the pain and suffering of the affected investors hence this decision by the Government.

This compassionate move by the Government of a partial bailout would cover all clients of the failed Fund Management Companies whose licenses were revoked but are yet to come under official liquidation including customers of Blackshield Fund Management Company Limited.

This partial bailout would cover a total of 92,460 claims filed against the remaining 27 Fund Management Companies, out of which Blackshield Fund Management Company Limited accounts for a total of 84,656 (92%) claims. Claims filed by individuals (including pensioners) is 86,506 with Gold Coast Fund Management Limited (now Blackshield Fund Management Company Limited) accounting for 80,018 (92.5%) of these claims. Based on the validated claims, the partial bailout being offered would result in 89% and 82% of affected individuals and pensioners being fully settled respectively. Validated claims in excess of this partial payout amount shall be covered after the liquidation proceedings in Court, in line with the terms being applied under the bailout package for the clients of the Fund Management Companies currently under official liquidation.

The partial bailout shall be channeled through the Amalgamated Fund Ghana Limited, the same Special Purpose Vehicle (SPV) being used to pay the clients of the Fund Management Companies currently under official liquidation. Amalgamated Fund Ghana Limited is managed by GCB Capital Limited, a subsidiary of GCB Bank Limited. The SEC’s agent for receiving and validating claims is PwC.

Requests for further information can be made by calling the dedicated bailout call center number on 0242-439453 or visiting www.bailout.rgd.gov.gh for the latest updates on the bailout situation. Steps to access the partial bailout are detailed below. This Press Release is issued pursuant to section 208(c) of the Securities Industry Act, 2016 (Act 929).


Comments (38)
SOKPE CHARITY - 12 days, 4 hours, 27 minutes, 46 seconds ago

Please i'm one of the Gold coast investment customers but l did not received any messages ,and this is my voter ID No.3309001463 and my account number is 1062122200378 from GN Bank because i don't have the statement of account either investment certificate . And my phone number is 0249437913.

SOKPE CHARITY - 12 days, 4 hours, 39 minutes, 5 seconds ago

Please i'm one of the Gold coast investment customers but did not received any messages, and this is my voter ID No.3309001463 and my account number is 1062122200378 from GN Bank because l don't have the statement of account eit

ISHMAEL NII LARYEA - 13 days, 15 hours, 44 minutes, 47 seconds ago

Please my name is ISHMAEl NII LARYEA, my late father MR CHARLES ARYEE LARYEA has an investment at gold Coast and we have all his reciept up to date and have prepared all the necessary documents for his claims. I learnt SEC have started the payment process since late last year, please we need a brief from you how to make the claims. my Email is laryea_n@rocketmail.com My contact is 0244167665 / 0265331650 Hoping to hear from u. ISHMAEL NII LARYEA

OBOUR KWADWO KAMARA - 19 days, 2 hours, 22 minutes, 25 seconds ago

Am customer of with account number,3004122002341 who have no received any message since from the start till now please this is my details voters id- 7703018338, Telephone number ,0209355048 ,0247124362,my email kamara123angel@gmail.com.hope to hear you soon thanks and please will you please send me the correct email.

Joseph maxwell acquah-paintsil - 19 days, 8 hours, 27 minutes, 22 seconds ago

Please i invested at gold coast fund and during the entire process i was not here in Ghana, how can i start my process for my bailout

Kontoh Portia - 19 days, 11 hours, 50 minutes, 41 seconds ago

please you sent me massage yesterday to submit some document for claim but I couldn't do it on your page pls can you brief me how i will go about it.

KOFI OKOFO DARETY - 19 days, 17 hours, 15 minutes, 27 seconds ago

My SEC/FIRSTBANC Cliam ID is FBA 1000281. On January 26, 2021 GCB Capital advised me on my Tier 1 and Tier 2 Fund balances, and indicated that I should expect a message on my bank account for collection of my cash. On February 21, 2021 GCB Capital advised me that my Tier 1 and Tier 2 allocations in the AM Fund have been revised as follows: Tier 1 GHS 0:00 Tier 2 GHS 0:00. I followed up at GCB Capital and was told PWC has not validated my claim. Could you please advise me on the status of my claim Could you please advise me

Oppong joseph - 21 days, 9 hours, 17 minutes, 27 seconds ago

Request for pod forms

Noah Boateng - 21 days, 9 hours, 53 minutes, 38 seconds ago

Request for POD form. Thank you

Apomasu Isaac - 1 month, 10 hours, 53 minutes, 17 seconds ago

My name is Apomasu Isaac i invested at Global investment bank i was send a claim in last year 2020 and from there have not received any claim ID . When am i going to receive my claim ID . my mobile number is 0246479319

ANGELA APPIAH - 1 month, 1 day, 16 hours, 10 minutes, 9 seconds ago

Please when filling my bailout form i made mistake on my mobile phone number. Correct number 0542229827 which was mobile no. 1 Wrong number 0545229827 REF: 00056314 ID No.: 6921007078 Claim ID: BLK1083273 So please kindly do the necessary correction. Thank you.

Mrs Paulina Zan - 1 month, 6 days, 16 hours, 13 minutes, 22 seconds ago

I have not receive any message and therefore waiting for the message for further action. Kindly use 0244864900 for any communication please.accts no. 1114291361

Anthony yalley - 1 month, 10 days, 21 hours, 31 minutes, 28 seconds ago

My name Anthony yalley have not receive and message my account 16200012541 I71 I'd number 4447001910

Anthony yalley - 1 month, 10 days, 21 hours, 32 minutes, 44 seconds ago

My name Anthony yalley have not receive and message my account 16200012541 I71 I'd number 4447001910

Genevieve Bonyattah - 1 month, 10 days, 22 hours, 54 minutes, 48 seconds ago

Please l have not received my validation message. My number 0242234186.

James Kontoh - 1 month, 17 days, 7 hours, 40 minutes, 6 seconds ago

Please, my name Kontoh was wrongly written as Konoth. Kindly rectify it to enable me use the ids ( blk1066579 and blk 1066578) to complete the onboarding forms.Thank you.

KWAMINA ESSOUN - 1 month, 21 days, 56 minutes, 37 seconds ago

Please kwabena Essoun is appearing on my form which is wrong,so please,kindly do the correctoin for me.The real name is KWAMINA ESSOUN.CLAIM ID BLK1005293,VOTERS ID6024021070,PHONE NO 0242781482

Kwamina Essoun - 1 month, 21 days, 1 hour, 48 minutes, 23 seconds ago

Please kwabena Essoun is appearing on my form which is wrong, so please,kindly do the correction for me.The real name is KWAMINA ESSOUN.CLAIM ID BLK:1005293,PHONE NO 0242781482 So please kindly do the correction for me.THANKS.

Kwamina Essoun - 1 month, 21 days, 1 hour, 48 minutes, 26 seconds ago

Please kwabena Essoun is appearing on my form which is wrong, so please,kindly do the correction for me.The real name is KWAMINA ESSOUN.CLAIM ID BLK:1005293,PHONE NO 0242781482 So please kindly do the correction for me.THANKS.

Mohammed Asana - 1 month, 28 days, 5 hours, 48 minutes, 26 seconds ago

Disputing Amount Please I do not agree with the amount given to me, the total amount is 15,575.69  but I received  9,366.10 as being validated in the message you sent me.  Please correct the mistake for me my    Voter's ID number is 8253027463 and my claim ID is BLK1015369.My phone number is 0244508966 thank you.

Diyuo Doris - 2 months, 1 day, 17 hours, 46 minutes, 38 seconds ago

Please i invested Gh₵3,000 in Goldcoast fund management,and it was validated but i have not received any message concerning the bailout claims. I am pleading,help me. My number is 0547961033, receipt number:0157137. Acount name;structured finance,acount number;0110017400016,At Tamale branch.counting on your consideration please.Thank you.

Comfort Caiquo - 2 months, 2 days, 5 hours, 57 minutes, 33 seconds ago

Please I invested Ghc41,190.48 but I received 4,274.66 as being validated in the message you sent me. Please correct the mistake for me my Voter’s ID number is 6858001271 and my Claim ID is BLK1065600. My phone number is 0277657280

)Grace A Akasiya (claim I'd BLK1082948/ - 2 months, 4 days, 8 hours, 54 minutes, 37 seconds ago

I invested Ghc4200 but I received 0.00 as being validated in the msg sent to me.please kindly correct the mistake for me my voter ID is 2997008913 ,phone no is 0209287842.Thank yoy.

)Grace A Akasiya (claim I'd BLK1082948/ - 2 months, 4 days, 8 hours, 54 minutes, 38 seconds ago

I invested Ghc4200 but I received 0.00 as being validated in the msg sent to me.please kindly correct the mistake for me my voter ID is 2997008913 ,phone no is 0209287842.Thank yoy.

Kyerewaa Juliet - 2 months, 6 days, 1 hour, 39 minutes, 6 seconds ago

Please I am a victim of Gold Coast Fund Management and I have not received any massage since from the start till now. Please this is my details A/C no: 0314232809, Voter's ID no: 5042025386

Kyerewaa Juliet - 2 months, 6 days, 1 hour, 39 minutes, 8 seconds ago

Please I am a victim of Gold Coast Fund Management and I have not received any massage since from the start till now. Please this is my details A/C no: 0314232809, Voter's ID no: 5042025386

Kyerewaa Juliet - 2 months, 6 days, 1 hour, 39 minutes, 8 seconds ago

Please I am a victim of Gold Coast Fund Management and I have not received any massage since from the start till now. Please this is my details A/C no: 0314232809, Voter's ID no: 5042025386

Edward quaidoo - 2 months, 6 days, 9 hours, 51 minutes, 49 seconds ago

Am a victim of gold coast fund managers and i have not recieve a massage since from the start these are my details account numb 1414290689 sunyani branch box 56kenyasi newmont gh tel 0249265912

Apiiga Mohammed Amin - 2 months, 8 days, 9 hours, 10 minutes, 37 seconds ago

Am a customer of Gold cost fun management I have not received my cailm ID please this is my voter ID no 4692019401 and my phone number is 0246833918/0207486294

Ntori Runyo - 2 months, 10 days, 8 hours, 50 minutes, 42 seconds ago

Im a customer and have not received any sms concerning my investment. My number: 0242142835 / 0207559720

Emma Agyekumaa, - 2 months, 10 days, 8 hours, 53 minutes, 1 second ago

Im a costumer at gold coast security fund management. I ve not receive any sms concerning my money. This is my number: 0240294715

Ntori runyo - 2 months, 10 days, 8 hours, 57 minutes, 53 seconds ago

I am a victim of gold coast fund management liquidation saga. I filled a hard copy form but didn't hear anything. No message has also been sent to me to complete the online form to claim my money. So please must hear from u, thank you.

Lydia Ainooson - 2 months, 17 days, 10 hours, 35 minutes, 31 seconds ago

Am Lydia Ainooson a costomer of gold coast security I have not received any SMS concerning my investment and payment my number is 0243488576

Maame Fosuah Docia - 2 months, 18 days, 3 hours, 9 minutes, 40 seconds ago

I am a customer of the gold coast securities and i have not received any sms concerning my investment and payment. My number is 0549779322

Mavis Adu frimpomaa - 2 months, 25 days, 8 hours, 3 minutes, 29 seconds ago

Pls am one of the customer of gold coast security and I have not received any SMS as at now regarding my investment...

Eleanor Djabanor - 2 months, 30 days, 11 hours, 48 minutes, 56 seconds ago

Am with gold coast security but still not hearing from them

Felix Houphouet - 4 months, 9 days, 2 hours, 57 minutes, 21 seconds ago

Please i am a customerof Black Shield,I have not received my text message My telephone no :0244893960

Lydia Agbodza - 4 months, 9 days, 22 hours, 24 minutes, 5 seconds ago

Please I have received the message to fill the redemption form but unfortunately I can't get the website to download it and fill. Is there any other way that I can get the form?

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