Bailout update

This means that an estimated Claimants who disagree with validated amounts are engaging the agent of the SEC for further examination. A total of Eight Thousand, Three Hundred and Seventy 8, claimants out of a total of Eleven Thousand, Six Hundred and Sixty-Five 11, claimants have signed up for the full bailout programme as of the 31 st March The full bailout programme has so far been executed over three phases:.

The variance of outstanding payments is explained by some clients opting not to withdraw their funds. The number of claimants who have been fully settled under this programme amounts to a total of Six Thousand, Nine Hundred, and Sixteen 6, clients as of 31 st March The profile of claimants is depicted below:.

The SEC, therefore, wishes to appeal to all affected clients to patiently follow through with all relevant processes to redeem their claims and rely only on information provided by the SEC and the Official Liquidator.

The SEC will proactively update customers on the full status of the bailout implementation program. The Securities and Exchange Commission SEC Ghana is the apex regulatory body of the Securities Industry in Ghana set up by the Securities Industry Act, Act to regulate and promote the growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.

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Charles Pergue, an attorney who filed the application to the PBGC, did not immediately respond to a request for comment. Christina Maderich, the Local fund administrator, said she was seeking clearance from the board of trustees to provide further information. Charles Schumer D-NY said in a statement that he pushed to include pension relief in the American Rescue Plan because employees "should not be cruelly denied the benefits they worked their whole lives to accrue.

In a statement, Rep. The pension fund blamed the economic downturn of and as a prime cause of its financial straits. That period was responsible for "a tremendous funding burden related to the loss in asset value and reduction in employment [and future contributions]," according to its PBGC application. The PBGC, created in , is charged with protecting defined benefit pension plans, which provide a specified monthly payment.