A group referring to itself as the Coalition of Aggrieved Fund Management Customers have given government till the end of July to pay their locked up funds due them or face their wrath.
The Deputy Director-General of the Securities and Exchange Commission (SEC), Paul Ababio in March this year, assured investors of receiving their funds when their claims are successfully validated following the collapse of fund management companies.
But in an interview, Mr. Ababio gave an assurance that a process had been initiated and was ongoing to validate the claims submitted by investors. And that, payment was going to commence after the validation exercise was completed.
In effect of the delay, the over 200 customers who demonstrated in Kumasi have further threatened to vote against the governing New Patriotic Party if they fail to pay them before the 2020 general elections.
Spokesperson for the group, Charles Nyame at a conference said:
“We wish to remind the government, to know that if the energy crisis and the Teacher trainee allowances scrapped by the Mahama government and the Nurses trainees’ allowances also scrapped by the Mahama government could contribute to his defeat in 2016, even though the energy crisis was not deliberate, then Nana Addo Dankwa Akufo-Addo, should also know that history will repeat itself in the 2020 elections.”
The group also expects the government to pay the full amount of all affected customers as it has been done for customers of collapsed banks and savings and loans companies.
“We are calling on the regulator, to come out clearly to inform us of the payment plan for customers who fall under institutions whose licenses are sustained in the revocation. In an interview with Bernard Avle, Government says it intends to support customers with part payment of our funds, but that will definitely not be countenanced. We need full payment of our investment as was done for our colleagues in the banking sector,” Mr. Nyame noted.