The Registrar-General’s Department, will from September 7, 2020, begin a scheduled virtual meeting with creditors of defunct Fund Management Companies (FMCs)
A statement from the Registrar General’s Department, the Official Liquidator of the 53 defunct FMCs, said all customers of the collapsed fund management companies will be met virtually for the first creditors meeting.
The meeting will first be with the creditors of 22 out of the 53 collapsed fund managers for Phase One. The remaining creditors will be met after the completion of the first virtual meeting.
It said links to the virtual meeting will be delivered via text to the creditors involved by close of the business day today.
The Securities and Exchange Commission, (SEC) in November last year revoked the licenses of 53 fund management companies.
The SEC said the affected companies failed to return client funds which remained locked up in, contravention of the investment rules.