The Securities and Exchange Commission (SEC), acting in accordance with Section 122 (2) (b) of the Securities Industry Act 2016, (Act 929) (SIA) revoked the licenses of fifty-three (53) Fund… PRESS RELEASE:UPDATE ON SEC REVOCATIONS AND BAILOT

Assignment Agreement

Click Here To Read & Accept Assignment Agreement

Click Here To Read & Accept Assignment Agreement

Download Bailout App Manual

Download Bailout App Manual

Frequently Ask Questions

How much of my claim shall I receive?

The Government Bailout programme shall ensure that you receive the full amount of your claim as long as it has been validated by PWC. The Bailout Package would be made up of a liquid portion and an investment portion.

Why am I getting payment of my claim through shares in a mutual fund?

The mutual fund is an investment vehicle so it ties in well with your original objective to invest your funds. Secondly, the mutual fund structure allows for liquidity so shareholders in the mutual fund can trade their shares for cash subject to certain terms and conditions

Do I have to participate in this Bailout Programme?

No.  This Bailout Package is optional and it is an intervention by the Government to assist persons who have so far been unable to retrieve their investments from the firms for which liquidation orders have been obtained.  Any claimant who chooses not to participate in the programme shall follow the processes outlined by the Official Liquidator and shall receive whatever is due to the claimant once the liquidation processes are completed.

How about if I do not have internet access or I am not technologically inclined?

In the event that you are unable to complete this process digitally as recommended,   you may    (at any time from September 17, 2020) call the call center on 0242 439 453, 0302945848, 0302949347 and an operator will assist you regarding receiving hard copies of the documents and instructions regarding the delivery of the signed documents.  Kindly note that this process will take longer because, due to the covid-19 pandemic, priority will be given to completing as many steps of the process digitally as possible, in order to avoid large crowds during the process.  Kindly also note that at any time you are calling the Call Center or physically going to any of the designated locations, you will be expected to have the following:

  1. A national ID
  2. The unique code sent to the you via email or sms

Will every investor receive his funds at the same time?

We intend to treat all investors (of companies in respect of which the validation process has been completed and liquidation orders have been granted) equally in respect of timing. However, there may be minor differences within timelines for each investor due to document processing.

I have not received any notification. Other people I invested with have received text messages and emails directing them on how to receive payments. Why?

This may be due to the fact that you have not signed up to join the mutual fund or your membership is still being processed (i.e. for instance, because a liquidation order for the institution you invested with has not yet been secured) Please call the call center on 0242 439 453 for assistance.

What if I don’t want to redeem the portion/full amount allocated to me?

The Fund is a fully licensed mutual fund which is actively managed to generate returns for shareholders. Hence, any money standing to your credit will be invested in permissible securities to generate returns for you.

I am not a claimant of the Fund, can I invest in the Fund?

No. This is a special purpose vehicle established by GCB Capital Limited with support from the Government of Ghana as a bailout intervention to mitigate the losses of investors whose funds have been locked up with defunct fund managers

What happens to my validated claim if I agree to participate in the Bailout Programme?

By signing the Assignment and Subscription Agreement, you agree to assign all your interest in the validated claims to the Fund as consideration for being issued with a proportionate value of shares. The Fund will receive your entitlements under the claims and transfer any assets received from the Official Liquidator in respect of the assigned claims to the Government.

I am outside the jurisdiction and filed through a friend. How do I receive my Claimant ID for logging in?

The validated claim will be sent to the number you used in filing your claims. Access details will be sent to the same number for logging in.

Are you going to prosecute the directors?

Investigations are ongoing. Where there is evidence of criminal activity, dossiers will be forwarded to the Attorney General for prosecution.

SEC is also assessing the directors and will apply sanctions where there were serious infractions.

Some of the fund managers invested in other SDI or MFI which are in liquidation. What are you doing about those funds that will be paid to them?

The fund will be entitled to receive the portion of those funds which will correspond with the assigned claims and the official liquidator will transfer those funds to the SPV in accordance with the waterfall for paying the creditors of such FMCs

Some of the fund managers invested in associated companies. Are you going after those companies to retrieve the funds?

The Official Liquidator will pursue all assets of the failed FMCs. Any tips on hidden assets would be appreciated.

If I choose to participate in this Bailout Programme what must I do?

A claimant who chooses to participate in the programme must do the following in this order:

  1. Visit and log in using your unique identifier and telephone number
  2. Confirm the details of your validated claim statement
  3. Access the “Share Subscription and Assignment Agreement”
  4. Follow the outlined steps for digital signing of the agreement

Fund Manager Categorisation

1. Blackshield Capital Management Limited

2. Firstbanc Financial Services Limited

3. Apex Capital Partners

4. Ideal Capital Partners Limited

The Commission had partial access to records from Blackshield Capital Management Limited (formerly Gold Coast Fund Management Limited) as Blackshield Capital Management Limited provided excel data representing about 3% of claims filed by their clients. Blackshield Capital Management Limited initially failed to assist in locating the server for validation of the remaining 97% of claims till the intervention of law enforcement agencies; validation is ongoing. The claims filed against Blackshield Capital Management Limited totaled 82,204 and valued at GHS4.65 billion.

1. Alpha Cap Securities Limited

2. Alltime Capital Limited

3. Axe Capital Limited

4. Brooks Asset Management Limited

5. CDH Asset Management Limited (Intermarket)

6. Fromfrom Capital Limited

7. Galaxy Capital Limited

8. Lifeline Asset Management Limited (Kamaag)

9. Mak Asset Management Limited

10. Man Capital Limited

11. Mec-Ellis Investment (Ghana) Limited

12. Mutual Integrity Limited

13. Nesst Capital Limited

14. Nickel Keynesbury Limited

15. Nordea Capital Limited

16. QFS Securities Limited

17. Sirius Capital Limited

18. Standard Securities Limited

19. Supreme Trust Capital Limited

20. Tikowrie Capital Limited

21. Ultimate Trust Limited

22. Weston Capital Management Limited

Clients of the remaining companies after the liquidation orders are secured