Pay us our monies: First Fund shareholders give 2-week ultimatum to TTL Capital

Some 24,000 aggrieved shareholders of the now defunct First Fund, then operated by FirstBanc Financial Services want their locked up monies paid to them as soon as possible.

First Fund shareholders give 2-week ultimatum to TTL Capital

According to the shareholders, they are giving the current fund managers, TTL Capital, a two-week ultimatum to pay their locked-up funds or face their wrath.

At a press conference in Accra on Tuesday, June 8, 2021, the group prayed the Securities and Exchange Commission to intervene and ensure their hard-earned monies are paid to them.

In an interview with Pulse.com.gh, spokesperson for the group, Michael Kwablah, said a total of GH170 million of about 24,000 investors have been locked up for the past two years.

“Basically, we are here to draw the attention of the board of First Fund that we need our monies that have been locked up for two years. We are giving them a two week ultimatum to operationalize the fund and let us have our money. We’re not even looking for 100%, we just need 60% of our money, then they can give us a clear roadmap as to when the rest of the 40% will be paid.”

He opined that “because the monies are sitting in the bank, every day, it is accruing interest and TTL Capital is charging 0.5% of that interest. So the more the money sits at the bank, it is our loss and their gain”.

The group also in a petition called on SEC to “dissolve the board of First Fund and reconstitute an interim board to steer the affairs of the board”.

They want TTL Capital to operationalize the Fund and to start redemption to shareholders with a minimum of 60% of shareholders fund.

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