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03.11.2020 Business & Finance

Don’t Pay Facilitation Fees To Access Locked-Up Cash – SEC To Clients

Don’t Pay Facilitation Fees To Access Locked-Up Cash – SEC To Clients
LISTEN NOV 3, 2020

The Securities Exchange Commission (SEC) has advised customers of the defunct fund management companies to refrain from paying a facilitation fee to get access to their locked-up monies.

An entity, PBAY Limited is purporting to be able to facilitate the payment of customers locked-up funds with some SEC-regulated market operators whose licenses have been revoked in return for a fee or a commission.

SEC in a statement disclosed that the action of PBAY Limited is fraudulent as it had not been registered by the Registrar-General's Department.

“Our investigations have revealed that there is no company duly registered by the Registrar-General's Department under that name. Furthermore, the general public and investors are to note that neither the SEC nor the Official Liquidator, being the Registrar General, have authorized the actions of PBAY Limited.”

SEC advised investors to submit their claims and documentation to publicly announced designated persons in accordance with statutory notices issued by the official liquidator or the SEC.

“Anyone who disregards this warning does so at his or her own risk,” the statement added.

Depositors of the collapsed institutions were given the green light to, from Wednesday, September 16, 2020, have full access to their funds following the release of a total of GHS3.56 billion to settle the remaining depositor claims of the 347 defunct Microfinance companies, 23 Savings and Loans and Finance Houses.

----citinewsroom

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