Monday , September 21 2020

SEC Receives 98,820 claims from Collapsed financial institutions

The Security and Exchanges Commission (SEC) says it has so far received a total of 98,820 claims valued at ¢10.83 billion.

It says out of the 50 companies whose licences remain revoked, three did not have any claims filed against them, leaving 47 companies against whom claims were filed by affected clients. 

As at last Thursday, 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. 

“Validation of the claims filed by the clients of the 40 companies where we have full access to their records has been completed,” the Commission said in a release on Friday.

Regarding Blackshield Capital Management Limited, formerly Gold Coast Fund Management Limited, the Commission said it had partial access to records as the company 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 totalled 82,204 and valued at ¢4.65 billion,” it said.

The six companies that SEC does not have access to their records include Firstbanc Financial Services, Kripa Capital, EM Capital, Omega Capital, Nickel Keynesbury and Heritage Securities (Future PIP Management Ltd.).

“Validation of claims on Firstbanc Financial Services Limited is yet to commence because of their initial failure to cooperate with SEC and the filing of an application for an injunction pending appeal at the High Court.

“Claims filed against Firstbanc Financial Services Limited was 423 valued at ¢800 million. We are in the process of resolving the issues to get full access to the records of the remaining five firms. The claims filed against these five firms is 489 valued at ¢87 million,” the Commission said.

The Securities and Exchange Commission is expected to commence payment of locked-up investments from September this year.

This will, however, cover 22 firms that it has been able to validate claims of its depositors.

Disclaimer is not responsible for any featured or opinions reportage of contributors published on the website. Read our disclaimer.

Send your news articles to and via WhatsApp on +233 558 191 562.

Join our Newsletter

Check Also

“All men cheat perhaps God created them that way” – Queen Haizel

Since creation, one thing that humanity has failed especially the womanhood race to understand is …

Abodam Video: South Africa’s Zodwa Wabantu ki$$es her fans one by one during performance

Setting the records straight, Zodwa Wabantu who happens to be a South African lady is …

Leave a Reply

Your email address will not be published.