Scam alert: SEC warns Ghanaians against doing business with PBAY Limited

PBAY Limited, according to SEC, is an entity purporting to be able to facilitate the payment of customers’ locked-up funds with some SEC-regulated market operators whose licences have been revoked in return for fees or a commission.

The commission says its investigations have revealed that there is no company duly-registered by the Registrar-General’s Department under that name.

“Furthermore, the general public and investors are to note that neither SEC nor the Official Liquidator, being the Registrar General, has authorised the actions of PBAY Limited,” SEC warned in a statement.

SEC is, thus, advising the general public and especially investors to submit their claims and supporting documentation only to publicly-announced and designated persons in accordance with statutory notices issued or published by the Official Liquidator or the commission.

SEC said anyone who deals with the company does so at his or her own risk.

Furthermore, in reference to the government’s bailout programme, SEC said it is reminding the general public and affected investors that the agreement reached with the government was for the bailout to be effected only after validation of claims and liquidation orders are secured from the courts of the country.

“The first phase, currently underway, covers clients of the twenty-three (23) companies currently under official liquidation, based on their validated claims.

“The second phase will cover clients of the remaining companies after the liquidation orders are secured through a transparent court process which is currently ongoing. There is, therefore, no need to contract financial advisors or facilitators to expedite anyone’s legitimate claims. Additionally, the general public and investors are to note that no facilitation fee is required of investors who sign up for the government bailout package,” the statement said.

SEC further noted that it will update affected investors on the progress of the process through the appropriate channels, including media and the website of the Commission.

SEC is the statutory body mandated by the Securities Industry Act 2016 (Act 929) 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.