Minister of State-designate in the Ministry of Finance and Atiwa East MP Abena Osei Asare has justified the government’s decision to close down Blackshield Capital Limited and other financial institutions as part of the financial sector cleansing operation. .
The former deputy finance minister made the revelation while appearing before a special committee investigating the closure of defunct Blackshield Capital Limited and others.
He disclosed that GH¢8.5 million was requested by the Securities and Exchange Commission (SEC) to pay investors of the fund management company in the 2021 budget.
He further indicated that Parliament had approved a total of GH¢3.1 million in the 2020 interim budget, adding that the government had provided GH¢3.4 billion to support the payment of valid insurance claims to investors. . He pointed out that the amount is a combination of 2.5 billion Grin cents in three-year genuine bonds and 950 million Grin cents in five-year Eurobonds.
The Atiwa East lawmaker claims that an additional GHF 1.4 billion was used to provide partial relief of GHF 50,000 each to investors.
Atiwa Higashi stressed that the bailout was implemented purely for humanitarian reasons and to provide relief to investors who have not received payments for over a year.
She said; “Relief is underway to fully settle 80% of claimants, including 89% of individuals under the age of 60. In the 2020 budget review, the SEC set aside GH¢85 million. requested but was paid GH¢3.1 million. Sector.”
She claimed that the government’s inability to disburse funds was primarily due to lack of revenue. She also said that GH¢3.1 million was paid to fund managers, GH¢5.5 million was paid to savings and loans and allocated to microfinance, while the actual amount was GH¢1. $36 billion was paid out to investors as a result of legal proceedings that forced the government to suspend payments.
In his remarks, committee chair Joe Girty MP Essikad Ketan assured Blackshield Capital Limited’s clients that the committee was working diligently to investigate the matter and submit a report to Parliament. I assured you that there was.
Bauku Central MP Mahama Ayariga disclosed that the commission had directed them to provide the necessary documents to support their claims as the SEC, the official liquidator, claimed they were being taken to court. .
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