The official Liquidator of the defunct fund management companies, the Registrar-General, has served notice of a meeting with creditors of the delinquent financial institutions on Thursday, March 11, 2021.
This was contained in statement signed by the Registrar-General, Jemima Oware, indicating that the meeting will be held via Zoom Video Conferencing, with the Meeting IDs and Passwords to be delivered to creditors via text message by March 10, 2021.
Recall that the Securities and Exchange Commission (SEC), acting in accordance with section 122 (2) (b) of the Securities Industry Act 2016, (Act 929) (SIA) revoked the licenses of 53 Fund Management Companies (FMCs)
Pursuant to applications by the Registrar of Companies, order has been given the official winding up of the affected companies. The meetings form part of measures geared toward attaining this mandate.
Format
A breakdown of the sessions indicates that for the First Creditors Meeting slated for March 11, it creditors of McOttley Capital Limited will meet the Registrar General between 9AM and 10 AM. This will be followed by creditors of Ideal Capital Partners Limited from 10:15AM to 11:15AM with creditors of Utrak Capital Management occupying the 11:30AM to 12:30PM slot.
Subsequently, Mrs. Oware will meet creditors of Goldstreet Fund Management (formerly Goldstreet Investment Limited) between 1:30 PM and 2:00PM on the same day, followed by creditors of Global Investment Bankers Limited (formerly Global Investment Limited) from 2:15PM to 2:45PM with creditors of Kripa Capital Limited taking their turn between 3:00PM and 3:30PM.
The statement further indicated that there will be an investors-only ‘Virtual Class Meeting’ the following day – March 12, 2021 – from 9:00AM to 11:00AM, for investors of the six defunct Fund Management Companies.
