Members of a group calling itself the Coalition of Aggrieved Fund Management Customers have given government by close of July to pay all locked up funds due them or face their wrath.
In March this year, the Deputy Director-General of the Securities and Exchange Commission, SEC, Paul Ababio, told Citi Business News investors of the collapsed fund management companies would soon have access to their funds when their claims are successfully validated.
In an interview with Citi Business News, Mr. Ababio assured that a process to validate the claims submitted by investors is ongoing and when completed, payments will commence.
The over 200 customers who demonstrated in Kumasi have therefore threatened to vote against the governing New Patriotic Party if they are not paid before the 2020 general elections.
At a news conference, Spokesperson for the group, Charles Nyame 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 wants government to pay in full funds of all affected customers as 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.