Amalgamated Mutual Fund PLC begins partial bailout payments to clients of collapsed FMCs

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

This follows the announcement by the Securities and Exchange Commission (SEC) on November 18, 2020, that the government has authorised a partial bailout involving payments of up to ¢50,000 each, to customers of FMCs whose licenses have been revoked but whose liquidation processes in the courts have not been concluded.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 stated that affected clients are required to follow a simple 3-step process to access cash under the partial bailout scheme.

“Clients are to accept the bailout package at, as stated in the text message sent to them by SEC, complete Onboarding/KYC to verify identities and ensure funds are paid to the right persons via the AM Fund, and collect cash within 5 working days of completing onboarding process,” the statement noted.


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