The Securities and Exchange Commission (SEC) has warned the general public especially customers of the defunct Fund management companies not to deal with PBAY Limited because it has not been duly registered.
SEC said in a statement on Tuesday, November 3 that its attention 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to facilitate the payment of customers’ locked-up funds with some SEC-regulated market operators whose licenses have been revoked in return for fees or a commission.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 statement said.
The SEC said “ 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 program, 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.”