Customers of Legacy Capital are calling on government to expedite processes to ensure the payment of their locked-up funds.

This comes a year after the Securities and Exchange Commission (SEC) restored the licence of the company.

The customers bemoan the lack of commitment on the part of the company to have their monies paid them.

In an interview with Citi Business News, spokesperson for the group, Clement Adjetey Kumah called on the SEC to as a matter of urgency intervene and retrieve their funds.

“It’s been over a year since we received payment from Legacy Capital. After SEC restored their licence, they have paid us only once, in October last year. Since then, the management of the company has not communicated to us the date we can receive our next payments. We are struggling,” he said.

Meanwhile, efforts by Citi Business News to reach the Securities and Exchange Commission and the management of Legacy Capital on the matter have proven futile.

It will be recalled that the Securities and Exchanges Commission in November 2019, revoked the licences of 53 fund management companies due to various breaches including the non-payment of clients’ funds totalling GHS8 billion.

This action affected clients whose investments were locked up with the various fund management companies.

In its quest to rectify the situation and to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected, the Securities and Exchange Commission in September last year, restored the licences of three out of the 53 companies whose licences were revoked.

These were Monarch Capital, Legacy Capital and Integrity Fund Management.

According to the Director-General of the Security and Exchange Commission, Reverend Daniel Ogbarmey Tetteh, per the Securities Industry ACT 929, 2016 market operators are allowed to file appeals through the administrative hearing committee.

As a result, 8 of the companies whose licences were revoked applied.

Out of these, three financial institutions who sought redress through the administrative hearing committee of the SEC were successful, thus the restoration of their licences.

He added that customers of the three companies were now excluded from the bailout package and can access their funds directly from the various institutions.