Business News of Thursday, 14 November 2019Source: rainbowradioonline.comGovt to spend GHC1.4bn on 53 collapsed fund management companies - MinisterKen Ofori-Atta, Finance MinisterThe Finance Minister Ken Ofori-Atta has disclosed the government will spend an amount of GHc1.4 billion on investors in the collapsed fund managers brouhaha. Delivering the 2020 budget statement in parliament on Wednesday, the minister said the government’s decision is to preserve the investments of over 77,000 retail investors and over 4,700 institutional investors. The Securities and Exchange Commission (SEC) last week revoked the licenses of some 53 fund management companies over several regulatory breaches. SEC has listed branches of the Consolidated Bank (CBG) as the bank for validation of claims by affected customers. We will issue further notice on commencement of payment to investors whose claims have been validated,” the statement added.

Source: GhanaWeb November 14, 2019 01:41 UTC