Aggrieved customers of First Fund, an investment scheme once managed by the now-defunct First Banc Financial Services, are threatening to protest if the Securities and Exchange Commission (SEC) fails to release their locked-up funds within two weeks.
The more than 20,000 investors say that six years after the fund manager’s licence was revoked, they still cannot access their savings – estimated at over GH¢170 million.
The investors accuse the SEC of dragging its feet despite appointing three different fund managers to oversee payments. The regulator first handed the fund to TTL, which failed to disburse any money.
OctaneDC was then given the mandate but also delivered no results.
The current manager, SEM Capital Advisors, is still reconciling accounts before any payments can be made.
“If you take a critical look at the report issued by OctaneDC, it clearly specifies where some of our funds were invested, and yet the board of First Fund cannot account for these funds. What is even more worrying, according to the report, is that a commercial paper investment – which is usually between the investment company and another institution – totalling GHS 36 million cannot be accounted for,” co-convener of the group, Johnny Kwabena Nketiah, told Citi Business News.
He warned that a demonstration is imminent if the SEC fails to act, saying the situation raises serious questions about transparency and accountability.
“Our customers need the money. Letters we have written to the SEC and the Company Board have proven futile. The Board doesn’t care about us. No one knows where the money is, although we understand some are in active accounts. The only language they understand is demonstration. If nothing changes in two weeks, we will protest,” he said.
The customers say they will also petition Finance Minister Dr. Cassiel Ato Forson to intervene. In addition, they are appealing to President John Dramani Mahama and the government to step in.
“There’s no hope in sight. We believe in the new SEC management and the Board chaired by Dr. Adu Anane-Antwi. We are also calling on the government to bail us out, take over the funds, and help us recover our money,” Mr. Nketiah added.
Source: CitiNewsRoom
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