The Securities and Exchange Commission (SEC) has cautioned investors and persons whose funds have been locked up in collapsed Fund Management Companies to desist from engaging the activities of an entity known as PBAY Limited.
According to the commission, its attention has been drawn to the activities of PBAY Limited, purporting to be able to facilitate the payment of customers locked-up funds with some SEC regulated market operators whose licenses have been revoked in return for fees or a commission.
“Our investigations have revealed that there is no company duly registered by the Registrar-General’s Department under that name. Furthermore, the general public and investors are to note that neither the SEC nor the Official Liquidator, being the Registrar General, have authorized the actions of PBAY Limited,” a statement issued by SEC said.
It urged the general public and investors to submit their claims and supporting documentation only to publicly announced and designated persons in accordance with statutory notices issued or published by the Official Liquidator or the Securities and Exchange Commission.
It warned that “anyone who disregards this warning does so at his or her own risk”
Below is the full statement
SECURITIES AND EXCHANGE COMMISSION, GHANA
PUBLIC INTEREST WARNING TO INVESTORS REGARDING PBAY LIMITED
SEC/PN/007/11/2020
The Securities and Exchange Commission (hereinafter referred to as the “SEC”) is the
statutory body mandated by the Securities Industry Act 2016 (Act 929) to promote the
orderly growth and development of an efficient, fair and transparent securities market in
which investors and the integrity of the market are protected.
The attention of the Commission has been drawn to the activities of PBAY Limited, an
entity purporting to be able to facilitate the payment of customers locked-up funds with
some SEC regulated market operators whose licenses have been revoked in return for fees
or a commission. Our investigations have revealed that there is no company duly registered
by the Registrar-General’s Department under that name. Furthermore, the general public
and investors are to note that neither the SEC nor the Official Liquidator, being the
Registrar General, have authorized the actions of PBAY Limited.
The SEC by this notice wishes to warn the general public and advise investors to submit
their claims and supporting documentation only to publicly announced and designated
persons in accordance with statutory notices issued or published by the Official Liquidator
or the Securities and Exchange Commission. Anyone who disregards this warning does so
at his or her own risk.
Furthermore, in reference to the government’s bailout programme, the SEC wishes to
remind the general public and affected investors that the agreement reached with
Government was for the bailout to be effected only after validation of claims and liquidation
orders are secured from the Courts of the Republic of Ghana.
The first phase currently underway covers clients of the twenty-three (23) companies currently under official liquidation, based on their validated claims. The second phase will cover clients of the remaining companies after the liquidation orders are secured through a transparent court process which is currently ongoing. There is therefore no need to contract financial advisors or facilitators to expedite anyone’s legitimate claims. Additionally, the general public and investors are to note that no facilitation fee is required of investors who sign up for the Government Bailout package.
The public and affected investors shall be proactively updated on the progress of the
process through the appropriate channels, including media and the website of the
Commission. Requests for information relating to the bailout, can be made by calling the
dedicated bailout call center number on 0242-439453 or visiting www.bailout.rgd.gov.gh
for updates on the bailout situation.
Please note that this public interest warning is issued pursuant to section 208(c) of the
Securities Industry Act 2016 (Act 929).
By Order of the
SECURITIES AND EXCHANGE COMMISSION
Dated the 3rd November 2020
