Mrs. Abena Osei-Asare, the Deputy Finance Minister, has affirmed to Parliament the government’s commitment to settle all validated claims of Blackshield Capital Limited, now known as Gold Coast Fund Management, pending resolution of court issues.
According to the Ghana News Agency, the minister who Appeared before the Parliamentary Committee investigating a petition by some customers of Blackshield Capital Ltd assured that once legal matters are resolved, outstanding payments would be made.
Referring to the 2021 Budget Statement and Economic Policy, Mrs. Osei-Asare informed the Committee of the government’s efforts to complete the bailout of the asset management industry.
She highlighted the revocation of licenses of 53 fund managers by the Securities and Exchange Commission (SEC) in 2019 and the subsequent restoration of licenses for three firms.
Outlining the financial support provided, Mrs. Osei-Asare mentioned an estimated amount of GH¢8.5 billion to compensate investors of failed Asset Management Companies (AMCs).
Parliament approved GH¢3.1 billion in the 2020 Mid-Year Budget, with additional funding of GH¢1.36 billion in 2021. She clarified that GH¢4 billion has been allocated by the government to settle validated claims, pending resolution of court matters.
Responding to inquiries from Mr. Edwin Nii Lante Vanderpuye, an MP probing the Blackshield Capital matter, Mrs. Osei-Asare affirmed the government’s intention to pay validated claims once legal obstacles are removed.
Madam Jemima Maama Oware, Registrar of Companies and Official Liquidator, and Reverend Daniel Ogbamey Tetteh, Director-General of SEC, also attended the Committee’s sitting.
Source: Ghanaweb