Regulatory Alerts2023-03-30
Update on Implementation of Bailout Program for Clients of Blackshield Fund Management Ltd (Formerly Gold Coast)
The Securities and Exchange Commission of Ghana issued this update to clarify the disbursement status and address public concerns regarding the bailout program for clients of Blackshield Fund Management Ltd following the 2019 license revocation. The regulator confirmed that the parliamentary-approved funds cover all forty-seven affected companies, with GHS 4.6 billion already allocated and GHS 1.34 billion distributed to Blackshield clients to settle over seventy-three thousand validated claims. The SEC refuted allegations of delaying the official winding-up process, noting full cooperation with the courts and urging all affected investors to rely exclusively on official communications from the regulator and the Official Liquidator.
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