Gold Coast Fund Mgt customers demand payment of locked-up money

The aggrieved customers of collapsed Gold Coast Fund Management Company have picketed at the Securities and Exchange Commission to demand the payment of their locked-up funds.

The collapsed financial institution under the name BlackShield Capital Limited, had about 55,000 customers, whose funds were locked up shortly before the regulator revoked its license.

Addressing journalists, the convener of the aggrieved customers, Charles Nyame, described as unfortunate the withholding of funds of customers by the Ministry of Finance and the Commission.

“Yesterday, we were here, and we were expecting to hear something good from the government after yesterday’s picketing but up till now, we haven’t received any official information or message from the government; either the Ministry of Finance or the Securities and Exchange Commission.

“But, there is development where after the picketing we had a call from a key official trying to console us, and told us that the monies have been released just as the president had advised,” Mr Nyame said.

The aggrieved customers also called on the International Monetary Fund (IMF) to investigate the delays in paying the monies owed them, because the government in its official documents to the Fund told it that it had used over GH¢25 billion to settle the debts of customers of collapsed fund management companies.

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