We trusted Gold Coast Fund with our monies due to SEC license – Aggrieved customers

The leadership of the Aggrieved Customers of Gold Coast Fund Management has said that the reason why they invested in the company and trusted it to deliver is because they knew it was licensed by the Securities and Exchange Commission (SEC).

“The reason why we trusted this company is because we believed that they had a license from an extension of the Ministry of Finance which is the Securities and Exchanges Commission which happens to be the regulatory authority. Per our checks we know that SEC has the sole mandate of ensuring that there is sanity in the security market system and to also protect the interest of investors.”

“So upon this we thought that this is a legally licensed and regulated business by state institutions and so we had every right to repose trust in the business and invest our money into it,” one of the conveners of the group, Joseph Ayittey said on Eyewitness News on Tuesday.

Hundreds of aggrieved customers of Gold Coast Fund Management on Tuesday demonstrated in Accra to demand the retrieval of their locked up investments.

Gold Coast Fund Management now re-branded as Blackshield Fund Management had earlier described the demonstration and demands by the aggrieved customers as unfortunate.

According to a statement from the firm, it has made tremendous progress in the implementation of a solution to meet the needs of customers.

But the group insists that they need government’s intervention in retrieving their locked up cash.

We may settle all our customers by 2022 – Black Shield

Black Shield Fund Management has indicated that it will be able to make complete payment of locked up monies to its remaining 59,000 customers within the next two to three years.

According to the organization, it has been able to pay off a little over 9,000 customers out of the 68,000 that they have, leaving 59,000 people yet to receive their monies.

Speaking on Eyewitness News on Tuesday, spokesperson for the organization, Benjamin Afreh said that much effort is being done by the company to raise money to pay off its clients.

“I admit that it will not take less than two years to pay everybody off. I’m not sure it will go beyond three years. So far we’ve paid over GHc200 million to customers. And I so said, there is a lot of work we’re doing behind the scenes hopefully to raise a lot of money. So once we do that, I am sure a lot more customers will be paid and the pay will be much faster than we witness,” he said.

Source citinewsroom

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