Amalgamated Mutual Fund PLC Begins Partial Bailout Payments

The Amalgamated Mutual Fund PLC has commenced cash payments under the partial bailout scheme to clients of the Fund Management Companies (FMCs) for which the Official Liquidator has yet to obtain Liquidation Orders from the courts.

This follows the announcement by the Securities and Exchange Commission (SEC) on November, 18 2020, that government has authorised a partial bailout involving payments of up to GH¢50,000 each, to customers of FMCs whose licenses have been revoked but whose liquidation processes in the courts have not been concluded.

A statement issued by the company in Accra on Friday said the affected clients were required to follow a simple 3-step process to access cash under the partial bailout scheme.

The first one according to the statement was for clients to accept the bailout package at www.bailout.rgd.gov.gh, as stated in the text message sent to them by SEC.

“The second step is to verify identities and ensure funds are paid to the right persons via The AM Fund, clients are required to submit identification documents. Therefore, within five working days of accepting the offer, clients receive text messages from The AM Fund, requiring them to upload KYC documents (passport picture, ID document, address document, etc.) at www.gcbcapital.com.gh/bailout.

Under the last step, the statement said “Clients are sent text messages within five working days of completing onboarding that their monies have been paid into GCB Bank accounts opened for them. Clients can then go to any GCB Bank branch with copies of their onboarding documents for the accounts to be activated and the cash paid to them.”

GCB Capital the statementIS committed to ensuring smooth processing of payments for both the full bailout and partial bailout streams.