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The Securities and Exchange Commission (SEC) has disclosed that over eight billion cedis were invested in the fund management companies whose licences have been revoked.

The Commission revoked the licenses of 53 fund management companies in the country following their investigations that the companies were operating illegally or unfairly and also not acting in the interest of their customers.

The shutdown of these companies adversely affected the people who invested their monies and due to this, the SEC has been working around the clock to retrieve the funds for the investors.

It selected branches of the Consolidated Bank of Ghana Limited (CBG) to receive claims from clients who have their funds locked up at the affected companies and the banks were tasked to accept relevant documents for validation of the investment claims.

According to SEC, the branches serving as agents have been authorized “to ascertain and validate details of investors and their investments with these institutions at the time of the revocation to facilitate the administration of the Government pay-out of a capped amount to affected investors.”

Speaking in an interview with host Kwami Sefa Kayi on Peace FM's 'Kokrokoo', the Deputy Director-General, Legal, of the Securities and Exchange Commission, Deborah Mawuse Agyemfra revealed that the Commission's forensic audit of the companies showed the companies owe the clients between 8 billion and 12 billion cedis.

She noted that the GHC 12 billion is as a result of their findings from the clients who picked up forms at the various branches for validation of their investment claims but the SEC is investigating to settle on the actual debt to offset to the investors.

She further advised the investors who have not yet picked up their forms for validation to do so stressing "the main reason why the validation is important is because, when we were revoking the licence of these companies; we realized the sum of money belonging to people which is in their possession is over 8 billion cedis".